Cherished moments, sweet memories,
As tax time is upon us once again, many taxpayers find themselves uncertain about what they can claim as deductions to minimise their taxable income.
One area where mistakes are frequently made is claiming for clothing purchased for work purposes, even if required by the employer. While claiming work-related clothing expenses is allowed under certain circumstances, misunderstanding the rules can lead to potential errors, unwanted audits and the resulting penalties and interest for getting it wrong!
This episode discusses some common mistakes taxpayers make when claiming clothing expenses and how to avoid them.
What you’ll learn:
- (0:33) Insights and Advice from Financial Expert Chris Beks Decoding Work Clothing Deductions
- (1:56) Avoiding Common Mistakes During Tax Time
- (2:30) Let’s look at some common mistakes taxpayers make
- (3:39) Mistake number two, failure to meet the distinctive test
- (4:23) Mistake number three, overlooking the non-compulsory aspect
- (5:34) Mistake number four, claiming for clothing provided by the employer.
- (5:58) Mistake number five, claiming for laundry, dry cleaning and repairs.
- (7:17) Mistake number six, failing to keep proper records.
- (7:54) Chris talks about Claiming clothing expenses for work purposes can be a beneficial tax deduction if done correctly.
- Loads more…
Links and Resources:
Australian Taxation Office (ATO): https://www.ato.gov.au/
#WorkClothesTaxDeductions #TaxDeductionsAustralia #TaxTime (Consider adding the current year) #ATO