The end of the financial year is almost upon us, which means it’s time to gather your paperwork if you haven’t done so already.
We all know that keeping receipts is important to substantiate deductions, but did you know about these exceptions to the rule?
The $300 rule
You can claim up to $300 of work-related expenses (like tools and uniforms) without receipts. This doesn’t apply for claims for meal allowances, car expenses or travel allowance expenses.
Cents-per-kilometre car expense claims
If you use this method of tracking your car expense deductions you need very little record keeping. You do not need written evidence but you may need to be able to show how you worked out your work-related kilometres. It’s good up to 5000 kilometres.
Head to the ATO website to find out more.