In order to maximise your deductions, you’ll need effective record keeping…

We want to help you maximise your deductions, and claim what you’re entitled to. However, it is essential to keep records that can substantiate these claims.

 

Bank Statements: Bank or credit card statements alone are not sufficient proof for work-related expenses. Clients need written evidence, like receipts, showing details such as the supplier, cost, date of purchase, and description of the goods or services.

 

Expenses Over $300: For claims exceeding $300, clients must provide written evidence for all expenses. For claims $300 or less, written evidence isn’t required, but they must be able to demonstrate the expenditure and how they calculated the amount.

 

No Automatic Deductions: Some deductions don’t need receipts (e.g., laundry expenses), but records are still necessary. Clients should keep a diary or log to show private versus work-related use and how deductions were calculated.

 

Wondering how exactly to show these calculations or records? Don’t worry, we know it can be confusing – that’s why our team of experts are here to help! Just send us a quick email at info@thebottomline.com.au, and we’ll get in touch as soon as possible.

All information was sourced from the ato website.