The ATO is advising taxpayers that having records to substantiate claims is essential to prove deductions can be claimed, having regard to the following in particular:

  • A bank or credit card statement on its own will generally not be enough evidence to support a work-related expense claim. Taxpayers instead need detailed written evidence such as a receipt.
  •  If a taxpayer’s total claim for deductible work expenses is $300 or less, they
    can claim a deduction without written evidence, but they must still be able to show that they spent the money and how they calculated the amount being claimed.
  • While some deduction types do not require receipts (e.g., laundry expenses), some kind of record may still be necessary. Taxpayers may also need a record that shows their private and work-related use (e.g., a diary), and how the amount claimed as a deduction was calculated.

If you have any questions or would like to speak to one of our professional business and tax advisors, please contact our office on (08) 9392 7600 to make a booking or click here.

With three offices across Western Australia and over 20 years of experience, Acclaim Accounting is a dynamic team of highly trained and skilled individuals committed to providing innovative and effective advice, excellent service and maintaining only the highest standards in ethical professional practice.

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Exciting News! Muntz Partners is Rebranding to Acclaim Accounting

We are thrilled to announce that Muntz Partners will soon be known as Acclaim Accounting.

This change reflects our commitment to providing you with even better services and experiences.

Stay tuned for more updates as we embark on this exciting journey together!

Note: The change will take effect on May 15th 2024.