July 2016 Edition

In this edition:

Welcome

Small business grant $2,000

Individuals - claiming work-related expenses?

Extra time to become SuperStream compliant

Fuel tax credit changes from 1 July 2016

To be entitled to work-related expense deductions you will need to satisfy the following:

• You have spent the money and were not reimbursed
• It must be related to your job
• You must have records to prove it
• 
  

It's important to remember that while you may receive an allowance from your employer, it does not automatically entitle you to a deduction. You will still need to show the money has been spent and it was related to your job.

The ATO will be focusing on individuals whose deduction claims are higher than expected, in particular:

• car expenses claims including those for transporting bulky tools
• travel
• internet and mobile phone
• self-education

The ATO has tools to assist in keeping track of your deductions using the myDeductions tool in the ATO app.

For more information refer to the ATO website or contact the Goodwin Chivas Team.