Personal tax deductions that don't need receipts up to an amount

[Georges]

Hi

I would like to know what are the items we can claim as tax deduction against our salary/job that doesn't need receipt? (up to a certain amount? how much?)

Also, does this apply to other types of incomes?

Does it apply for company expenses claims?

 

[FletcherTax]

George, you can claim a maximum of $300 against salary/wage income assuming you can relate and identify the expense/s to your work.

Over $300, all receipts are required.

In terms of what you can claim, it depends on your occupation. Each occupation has varying expenses specific to their jobs. In some cases, the employers pays for everything and hence deductions may be non existent for the employee as they haven't spent anything towards generating their salary/wage income.

I would strongly recommend seeing an accountant to get advice as to what deductions may be specific to you, so you don't miss any of your legal entitlements! Or check out the ATO website for some examples.

Happy to help if you'd like to have a chat. (Based in Sydney)


Fletcher Tax Accountants

Please note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

 

[PeterC]

a question for your accountant or for you to read up on ATO site, all depends on your circumstances, your job, the requirements (such as uniform, travel, etc). just because you dont need receipts doesnt mean you're eligible to claim something, doesnt mean you wont get in huge trouble if you get audited and cant justify the claims. normally for most of the no-receipts thresholds, its just because its unmanagable or unreasonable to do so (e.g. keeping receipts for the electricity, water, and fabric powder components of washing a required work uniform)

does your questions have some relevance to investing?