The Law Society of New South Wales

Tips to get the most out of your tax in 2024

Want to get ahead for next tax time? Use this Australian Taxation Office (ATO) checklist to make sure everything is in order.

Records, records, records

Put a system in place to keep track of your receipts and make sure you have records as evidence if you claim a deduction. No record means no deduction. If you are intending to claim a deduction for work-related expenses, you must have records of those expenses that show:

you spent the money
the expense directly relates to earning your income

Please remember: in addition to showing that you spent the money, you also need to show what you spent it on, who the supplier was and when you paid. A bank statement doesn’t have all of this information so it isn’t an acceptable record on its own.

Claiming working from home deductions?
There are two methods for calculating your working from home deductions:

If you’re planning to use the revised fixed rate method, you’ll need to keep records of all the hours you worked from home. You’ll also need at least one additional running expense incurred that the rate covers.

For the actual cost method, there are more record keeping requirements. You’ll either need a record of all hours you worked from home during the entire year, or a diary that shows a continuous 4-week period for usual pattern of working at home. You must also keep records that show the additional running costs you incurred and a record for how you worked out the amount of your deduction.

Claiming car expenses? Keep a record
If you drive your car for work-related purposes, there are two methods for calculating deductions for car expenses:

Whatever method you choose you must have records to verify your work-related trips.

Are you using the ATO app?

To help keep on top of all your records, check out the myDeductions tool in the ATO app. It’s an easy way to store your records and receipts on the go, simply by snapping a photo.

Want to learn more? Check out the ATO website.

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