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ATO update for 2018 – ‘Substantiation a key focus in 2018’

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ATO update for 2018 – ‘Substantiation a key focus in 2018’

The ATO update for 2018 – they announced they will pay close attention to work-related expenses this tax year, specifically ‘Other' work-related expenses, which can include home office expenses, mobile phone & internet and tools & equipment.

They also warn against claiming private expenses bundled in with work expenses – only the work-related portion is claimable. Therefore these expenses should be apportioned when completing your tax return.

They reiterated the importance of having records of expenses and demonstrating how you calculated your claims.

Electronic records are easy to keep, and Chartfords has helped many clients find solutions that make record-keeping painless.

The ATO also provides the myDeductions app, which is easy to use – find more info here.

Not sure which deductions you can claim?  Give us a call on 1300 163 817!

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