A COVID-19 TAX TIP FROM MR TAXMAN #2

Mar 25, 2020

Poor record-keeping is oft associated with low refunds. Tax agents cannot wave a magic wand if you don’t do the basics and keep your receipts throughout the year for your work or business-related expenses.

The ATO’s rule in most circumstances is that no receipt results in no deduction so if you take work-related car travel as an example you could be costing yourself $$$ by not keeping those petrol dockets! Get into a habit now whilst you have a bit of spare time up your sleeves.

The Australian Taxation Office have a great app called myDeductions which is an easy way to diligently record your receipts for year end by simply taking a pic with your mobile device at the time that you incur the expense.

 

This tip was provided by Mr Taxman, Adrian Raftery, author of 101 Ways to Save Money on Your Tax - Legally! 2019-2020 edition (Wiley, May 2019, AU$25.95). This information is of a general nature only and does not constitute professional advice. You must seek professional advice in relation to your particular circumstances before acting.

 

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  • "Yes you show the km allowance as taxable income and then you can also make a claim for your car travel. Under the cents per kilometre method you are limited to the first 5000km. So if you get..."

    By: Mr Taxman at Jun 04, 2025 11:57PM

    Post: Claiming car expenses

  • "No would not be able to claim the Uber home nor to the station the next day. The trip to the off-sit meeting would be claimable."

    By: Mr Taxman at Jun 04, 2025 11:55PM

    Post: Claiming car expenses

  • "Depends on your finance type ... if you takeout a lease then the lease payment forms part of your costs (but no depreciation can be claimed) ... if you takeout a Hire Purchase or a Loan then only the..."

    By: Mr Taxman at Jun 04, 2025 11:54PM

    Post: Claiming car expenses

  • "The cost of the trailer itself could be depreciated - usually over 8 years. Assuming no personal usage with it then 100% of that depreciation plus annual rego could be claimed."

    By: Mr Taxman at Jun 04, 2025 11:50PM

    Post: Claiming car expenses

  • "That would be a non-deductible trip unfortunately Erin"

    By: Mr Taxman at Jun 04, 2025 11:48PM

    Post: Claiming car expenses