1. Individuals can claim up to $300 worth of expenses without receipts with diary evidence as long as they are work related and have been bought. ATO conditions apply.
2. For sole traders and other small business entities the $20000 SMEs tax write off has been increased to $30000 for 2018-2019 financial year. It will be claimed for assets bought on 2 April 19 toJune 2020. It is called the Small to Medium business instant asset write off. It can be claimed for tools & equipment, vehicles bought for business. Large businesses with turnover up to $50 million have also been given access to this write off. Some of the popular items that businesses can claim depending on their usage are – tools, Laptops and Computers, Motor Vehicle, Office equipment.
3. For consultants operating as Pty Ltd Companies and receiving more than 80 % of their income from one source and performing all the activities by themselves such as IT contractors, Advisory consultants may be governed by the PSI rules. This means that they will not be allowed to claim certain deductions that a normal company can claim such as paying wages to spouses, etc. Other ATO conditions apply. Please call for more details.
4. Car expenses relating to travel for work or between jobs which is less then 5000 kMS a year can be claimed based on a diary being maintained and employer authorised. Hence no receipts required. More than 5000 Kms can also be claimed but require a log book to be maintained and evidence of expense. Other ATO conditions apply.
5. Some of the common types of Incomes you must declare in your tax return:
Employment Income including employee share scheme
Super Pensions, Annuities and government pensions from Centrelink
Interest & Dividends Income, Foreign Income
Business, Partnership and trust Income
Income from sole trader activities such as UBER & Taxi, Contracting, Consulting, small businesses.
Compensation from Insurances
6. Some common expenses that are not allowed as deductions and are mistaken by tax payers as deductions:
Car expenses from home to work or from work to home, Parking and driving fines
Car expenses that have been salary sacrificed.
Tuition fees paid through HECS are normally not included in self education expenses
Tools and equipment that cost more than $300 . They need to be depreciated.
Every day cloths without logo worn at work cannot be claimed as uniform expenses
Self education expenses that have no direct connection to your work but to gain a new job.
Donations to charities with no DGR, or overseas charities, raffle tickets to charities