Work-related expenses like car and travel claims.
When preparing your tax returns this FY2024. You need to ensure you can substantiate your claims.
If you claim a deduction, you must have records to show how you calculated your claims. Records are usually a receipt from the supplier of the goods or services. A receipt must show the:
- name of the supplier
- amount of the expense
- nature of the goods or services
- date the expense was paid
- date of the document.
You need to keep these for five years from when you lodge your tax return in case we ask you to substantiate your claims.
The Australian Taxation Office (ATO) is watch out for unusual or same level of work-related expenses like car and travel claims this FY2023 individual tax return.
To claim a work-related deduction:
- you must have spent the money yourself and weren’t reimbursed
- it must directly relate to earning your income
- you must have a record to prove it.