tax claims

Is the deduction substantiation threshold an ‘80s anachronism?

  Every tax time, the ATO is in the habit of pointing out the most common mistakes or misconceptions that regularly come to its attention — see its Tax myths busted! here. Generally leaving out some item of income is high up on the ATO’s list of taxpayer errors, as is trying to claim deductions

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It’s not just taxpaying clients on thin ice over dodgy claims

In the ATO’s most recent tax professional webcast, a viewer posed the statement: “Agents lodging incorrect claims should be weeded out.” In response, one of the panel, Assistant Commissioner Kath Anderson, agreed that it is in everybody’s best interests to have a level playing field, but added, referring to practitioners, not their clients: “We need

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Substantiation for work expense claims

Claims for work-related expenses, car expenses, and travelling expenses incurred by an individual must be substantiated if the claims are to be allowed (Division 900 of ITAA97). As well as the requirement to incur deductible expenditure, the “substantiation” rules impose a strict evidentiary requirement that must be satisfied if claims are to be allowed. Substantiation

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Claims for electronic devices, phones

That technology has changed many aspects of our daily lives is a widely accepted fact of life, and no doubt more is just around the corner. Claims for electronic devices, phones The proliferation of electronic devices of all kinds has also pervaded our work and home environments to such an extent that the line dividing

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