Claim up to $300 in work expenses without documentation
You may claim any work related expense up to $300 without documentation. If your expense exceeds $300, you will require documentation for the total amount. This evidence does not have to be submitted with the return but instead, the Australian Taxation Office (ATO) will contact you in writing if this documentation is required.
Please note that the $300 limit does not apply to meal allowance, car , award transport payments allowance and travel allowance expenses.
For more information, please visit the ATO’s Website
Uniform and Laundry/Cleaning expenses
Uniforms and laundry expenses can also be deducted on your return. This includes the costs of buying, renting, reparing and cleaning occupation-specific clothing, protective clothing and certain work uniforms. For example, if you’re a construction worker and purchased a hard-hat, you can deduct that cost since it is directly related to your work.
The ATO considers $1 per load a resonable basis for working out your laundry claim. If your claim is greater than $150, you must have written evidence to support the deduction, such as diary entries or receipts.
If you were reimbursed for any costs, be sure to indicate this approriately when completing the tax interview.
For more information, please visit: ATO Website
Self-Education Expenses
You may claim self education expenses for any courses that have sufficient connection to your employment. This includes, tuition, fees, computer, books, supplies, etc. The education must be for the purpose of improving the specific skills or knowledge or is at least likely to increase your income at your current workplace. Lastly any single items valued at more than $300 (e.g. laptop) should be depreciated (see below).
Depreciation of items valued greater than $300
Items used for work or education purposes that are valued at more than $300 should be deducted by depreciation. Our site will calculate the deduction for you whether you use the diminishing value method or the prime cost method. The diminishing value method is most popular since it gives you the greatest deduction in the first year.
Tax Deduction on Donations
Be sure that any donations you make throughout the tax year are to a qualifying charity recognized by the ATO, or commonly known as a Deductible Gift Recipient (DGRs), so that you may safely claim a deduction for the donated amount or value.
Only gifts made to DGRs are tax deductible. There are several ways to check if the organisation is an endorsed DGR:
Online: http://www.abn.business.gov.au/
Phone: 13 28 61
The following are some examples of different gift types that are deductible:
• $2 or more – money
• property < 12 mths – property purchased during the 12 months before the gift was made
• shares = $5,000 – listed shares valued at $5,000 or less, and acquired at least 12 months before the gift was made
• trading stock – trading stock disposed of outside the ordinary course of business
• cultural gifts – property under the Cultural Gift Program
• heritage gifts – places included in the National Heritage List, the Commonwealth Heritage List or the Register of the National Estate.
For more information, please visit the ATO’s Website
Tags: 2008 taxes
