Don't Forget the Golden Rules of Tax Deductions

30 June has rolled by again, which means its time to get your 2017-18 tax returns completed.  As you may be aware, the ATO are really cracking down on work related deductions. This crackdown isn’t something that will go away; the ATO will be holding firm on their hit lists and running a fine tooth comb through your deductions.  This will not only apply to 2017-18, but for all future years as well.

So you are probably thinking, “Well what can I do to keep myself on track, and not fall subject to an ATO audit?”  Firstly, do not forget the three golden rules to claiming work-related deductions:

  1. You must have spent the money yourself and not been reimbursed by your employer;
  2. There must be a direct link between incurring the expense to deriving your income;
  3. You must have a record to prove it.

There are many tools out there to help you keep your records in order throughout the year. It can be as simple as ensuring you put all of your receipts in a special place ready for next tax time. However, there are even easier ways, such as, downloading our EnVision Partners App.  Within our App you will find a link to the ATO - the ‘my deductions’ section allows you to photograph your receipts and categorise them, as you go, throughout the year.  You can even track your work related travel using GPS, it is as simple as that!

It’s so easy to stay a step ahead, so why wouldn’t you?

Call EnVision Partners to book your tax return and free financial health check appointment today.

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