Tax Time Myths
Each tax time, there are always a few tax myths floating around. One of the most common? That everyone can automatically claim work-related expenses up to a certain value. Read on as we set the record straight…
đź’¬ Myth: Everyone can claim $300 for work-related expenses, including $150 for work clothes or laundry, and 5,000km worth of car expenses.
ℹ️ Fact: Not quite true! There’s no automatic entitlement – in order to claim a work-related expense, you must have actually spent the money. And while some claims don’t require up-front evidence, you must be able to demonstrate the expenses relate to earning your income and how you calculated the claims.
If you’re not sure what you can claim or how to calculate your deductions, read our info at www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim or chat with a registered tax agent.
