August 2015 Edition

In this edition:

Welcome

Key changes for businesses starting on 1 July 2015

Fuel Tax Credits - from 1 July and further changes from 1 August 2015

Individuals and Deductions - ATO myDeductions tool

MyGov - ATO linking warning

Introducing Jane Gao

I  Individuals and deductions

ATO myDeductions tool

The ATO has developed a tool for individual tax payers to help them keep their tax deductions organised. 

Individuals can use the myDeductions tool to:

• capture and classify work-related expenses, gifts and donations or the cost of managing their tax affairs
• store photographs of receipts
• record car trips (including ability to manage a logbook)

To find out more about the ATO application (app) visit the myDeductions page on the ATO website.

The ATO has advised that they are focusing on unusually high work-related expense claims across all industries and occupations. In particular claims which have already been reimbursed by employers and for private expenses such as travel from home to work.

Individuals are only able to claim for a normal trip between home and work when:

• You use your car to carry bulky tools or equipment which you use for work and can not leave on the work premises
• Your home is a base for employment
• You have shifting places of employment or you regularly work at more than one place each day.

 When claiming a work related expense deduction you will need to satisfy the following:

• You have spent the money
• It must be related to your job
• You must have a record to prove it (myDeductions tool will be useful for this)

For more information on the types of deductions individuals can generally claim please visit the ATO website Income and Deductions page. You can also find more detailed information on work related deductions for specific industries and occupations.

Alternatively, contact us at Goodwin Chivas & Co if you have any queries or require any assistance.