Director ID Changes from 1 July 2027
New director ID reporting requirements commence from 1 July 2027. Company directors can use the time now to check that ASIC and director information is accurate.
Read more
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.
New director ID reporting requirements commence from 1 July 2027. Company directors can use the time now to check that ASIC and director information is accurate.
Before helping an adult child buy property, consider how a gift, loan, guarantee or ownership arrangement could affect lending, tax and your wider financial position.
Own a holiday home that you also rent out? From 1 July 2026, private use can have a greater impact on which property expenses are deductible.