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.
If you’re running a small business and decide to sell it – or dispose of some of its assets – the Capital Gains Tax (CGT) retirement exemption can be a game-changer. This concession can significantly reduce, or even eliminate, the tax payable on the capital gain.
If you’re looking for ways to give your children a boost in saving for their first home, the First Home Super Saver Scheme (FHSSS) is a smart option to consider. It’s a tax-effective strategy that allows young people to grow their deposit faster, provided they meet the eligibility criteria and have never owned property before.
If you’re considering using your self-managed super fund (SMSF) to buy property, you’ll need the right structure in place. One of the main ways to do this is through a Limited Recourse Borrowing Arrangement (LRBA).