Common Myths and Facts:
1. Bank Statements:
Bank or credit card statements alone usually aren't enough to support work-related expense claims. You need
written proof (typically a receipt) showing the supplier, cost, purchase date, date the receipt was issued, and the nature of the goods or
services claimed.
2. Claims Over $300:
If you are claiming more than $300 in work-related expenses, you must have written evidence for all those claims. If the total is $300 or
less, they don't need receipts, but they must show you spent the money and how you calculated the claimed amount.
3. No Automatic Deductions:
Some expenses, like laundry, don't require receipts, but you still need some record. For any work-related expense, you must follow these
three rules:
4. Helping You Keep Proper Records:
By following this simple guideline, you can ensure you have the necessary records to support your deductions to save on tax.
Negative gearing for residential investment property is now limited to new builds. Why setting up separate land and construction loan facilities before you sign can protect a valuable interest deduction.
The draft trust rules offer an election with no restructure and no stamp duty \u2014 but the same percentages apply to capital. What doctors with practices in a family trust need to weigh up before choosing between the election and the roll-over.
Treasury has released draft law for a minimum 30% tax on family trust income from 1 July 2028. Here is what it says, what is excluded, the two ways out, and what doctors with trusts should do now.