There are a number of different tax deductions you can claim for certain purchases when it comes time to do your tax return.
You can claim:
- Equipment and clothing: if you need to buy certain equipment, safety, or retail related items to use in the workplace, this can be claimed.
- Cleaning: if you need to pay for dry cleaning or other cleaning costs, you might be able to claim the expense.
- Books and magazines: if you need to purchase books or magazines for training purposes, or for other work reasons, you can claim these costs.
- Work-related technology: if you use your mobile or laptop for work, you can claim some of these expenses for the percentage of time you used the tools for work.
- Vehicle expenses: if you use your vehicle to travel to meetings or other work-related business, you can claim your mileage.
- Stationery: if you purchase stationery for work purposes, you can claim these expenses back on your tax return.
Record keeping for your deductions
It is important you keep all receipts related to your deduction purchases. It is not enough to simply show your credit card or bank statement – you need to have a receipt record which details what you bought and the vendor you purchased it from. If you have expenses that amount to less than $10, you don’t have to keep a receipt, as long as the total claim is less than $200 at the end of the financial year. However information such as who you purchased the product from and how much it cost should still be kept as a record of your small expenses. If it is difficult for you to retain a receipt for a work-related expense, keep track of the spending by writing it down. This covers you if the ATO requests more information.
If you are working overtime and you have a meal during this time, you are entitled to claim this expense, but you need to keep track of the purchase by keeping your receipt. If you don’t have the receipt, you need to keep a record of when you completed the overtime, when you purchased the meal, from where you bought it and how much it costs.
You can claim your meals taken while travelling for work, but you should keep the receipts and information on when you travelled, the cost of the meals, and where you spent the money.
Need an easy way to keep track of all these expenses? ITP Queensland’s Tax App allows you to scan in all of your receipts so you don’t have to worry about losing them. Download the ITP Tax App from Google Play or the App Store today.