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Deductible expenses checklist
- Any work-related payments,
- Home-office expenses,
- Self-education expenses,
- Income deductible expenses, i.e. motor vehicle (transport) expenses. Cost of any work associated travel incurred,
- Work-related travel, meal and accommodation,
- Purchase and cost associated with work materials and equipment,
- Charity or donations to deductible gift receipt (DGR)
- Income protection premiums and insurance (excluding super)
For details refer to ATO website.
The information discussed should not be relied upon as specific professional advice. Please contact us to obtain specific advice in relation to your particular situation.
You can claim a deduction for work-related car expenses if you use your own car in the course of performing your job as an employee. See examples at ATO website.
If you receive an allowance from your employer for car expenses, it is assessable income and the allowance must be included on your tax return.
There are two methods for claiming work related car expenses:
1. Cent per KM method, and
2. Logbook method
If you use the cents per km method, the set rate of deduction is 0.66 cents per km for all vehicles. You cannot claim annually more than 5000 KM.
If you using logbook method, ensure following steps for logbook maintaining:
1. Take an odometer reading for your car at 1 July each year.
2. logbook needs to be kept for 12 consecutive weeks, which is be relied upon for 5 years.
3. You only need to record one entry in your logbook for consecutive trips.
4. Enter work-related journeys in your log book. Not every journey. All journeys not recorded in the log book are private in nature.
5. You don’t need to keep petrol receipts. Get vehicles fuel consumption rating & the average price of petrol in your capital city. (Business KM travelled / 100) * Fuel consumption * Average petrol price = Petrol expense.
The information discussed should not be relied upon as specific professional advice. Please contact us to obtain specific advice in relation to your particular situation.
Up to $30,000 Instant asset write-off Scheme
If you are small business with turnover of less then 10 million you may be entitle to significant tax deuction this year
Here are things you need to know about immediate write-off deduction scheme:
- Your asset need to be purchased and installed before June 30, 2019;
- You can claim multiple assets as long as each is under $20,000;
- You can claim assets that are purchased & installed;
- You can claim percentage that's used for business;
The information discussed should not be relied upon as specific professional advice. Please contact us to obtain specific advice in relation to your particular situation.
Single Touch Payroll (STP) to cover businesses with fewer than 19 employees, legislation passed
