Taxpayers who are over-claiming work-related expenses (e.g. vehicle, travel, internet and mobile phone and self-education) are on the ATO’s hitlist.
Although a myriad of issues are involved when claiming work-related expenses, the main three rules are:
For example, a claim for work-related expenses would not be allowed if deductions are claimed for private expenses (e.g. travel from home to work and not required to transport bulky equipment), reimbursed expenses (e.g. an employee is reimbursed for the cost of meals, accommodation and travel) or if no records are kept.
Other practical issues to consider when claiming work-relates expenses include:
Fundamental changes have been made to the superannuation landscape from 1 July 2017 (i.e. the current income tax year).
Below is a short summary of the most important superannuation rates and caps that apply for the current income tax year:
Please speak to your authorised Nexia Edwards Marshall representative if you are not sure what all these numbers mean or what superannuation strategies may be best suited to your circumstances.
For any questions or to discuss any of the above in relation to your personal situation, please contact Grantley Stevens or your Nexia Edwards Marshall Adviser.
The material contained in this publication is for general information purposes only and does not constitute professional advice or recommendation from Nexia Edwards Marshall. Regarding any situation or circumstance, specific professional advice should be sought on any particular matter by contacting your Nexia Edwards Marshall Adviser.