by Tim Seng | Tax & Business Advisory Accountant | Jun 12, 2019 | News
Within a tax return, it is a requirement to put in details regarding the deductions claimed (e.g. work related travel). In the past, this data was never reported to the tax office, however, the ATO have announced a major change for 2019. From 1 July it will be a requirement to itemise and lodge your data to mitigate illegitimate claims made in tax returns.
The best way to ensure your return doesn’t signal an audit flag by the ATO is to add as much detail as your can for your claims. This will ensure that your claim is 100% related to your income generation.
Instead of reporting "Travel" you could itemise your claim as "Accommodation – Work Conference Brisbane".
By placing more detail against each item, the ATO will know exactly what you’re claiming. This will assist them in determining if your claims are valid or not.
If you would like to obtain more information regarding the above, we will be discussing deductions at our Salary & Wage Earners Seminar Thursday (session full) or Tuesday, 18 June (tickets still available). Register for your FREE Ticket today.