Golden Rules for Deductions

 

 

The Australian Taxation Office now uses sophisticated data analytics to assess a range of deductions and claims. 

Taxpayers must follow three golden rules when making a deduction:

  • the taxpayer must have spent the money (and not been reimbursed);
  • the claim must be directly related to earning the taxpayer’s income;
  • they must keep records to prove it; and
  • taxpayers may receive a “please explain” or have a claim disallowed.

 

AcctWeb

The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.