At Gleeson & Partners we appreciate the individuality of people and businesses and are committed to providing solutions tailored to suit your particular situation. We work alongside you to solve problems that arise and help you reach your financial goals.
The team of focused, friendly accountants at Gleeson & Partners offers a wide range of expertise and experience in business, taxation, financial planning, and wealth creation.
For more information on how our expertise can benefit you, contact us today!
ATO ON WORK-RELATED CLOTHING AND LAUNDRY EXPENSES
A tax office spokesperson has said that the ATO is "increasing attention, scrutiny and education" on work-related expenses including clothing and laundry expenses.
The ATO reminds taxpayers that to be eligible for a deduction, clothing needs to be occupation-specific clothing, protective clothing or a uniform that is unique to the organisation the taxpayer works for. It is a "myth" that taxpayers could claim a standard deduction of $150 without spending money on appropriate clothing or laundry. While record-keeping requirements for laundry expenses are "relaxed" for claims up to the $150 threshold, taxpayers do need to be able to show how they calculated their deduction. There are three golden rules to follow.
(1) A taxpayer has to spend the money themselves and cannot have been reimbursed.
(2) The claim must be directly related to earning the taxpayer's income.
(3) There must be a record to prove it.
The spokesperson also reminds taxpayers that the myDeductions tool is an ATO app that assists taxpayers with record-keeping.