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Latest Accounting News
Hot Issues
Strategies to handle scam phone calls and problem e-mails.
Instant asset write-off threshold upped to $25k
Jail time for GST fraud
Correcting GST Errors
Fuel tax credit rates raised
ATO set to contact clients for overdue TPAR
Reminder on Victoria Property Duties
How Australia is performing.
Global outlook summary: Down but not out
Bookkeepers remind on incoming TPRS obligations
Golden Rules for Deductions
How's Australia going - vital statistics?
Tax, SMEs set to be ‘political football’ in 2019 as election nears
Cap lifted on popular financing option for clients
Expiry of 900,000 interest-only loans set for January
Australian Taxation Office (ATO) Scam Alert: Fake Demands for Tax Payments
Tax Office sounds alarm on popular property strategy
Our Advent calendar for 2018
‘Please do not panic’: ATO boss addresses STP concerns
Stop!! Don't do a paper Budget, use our online budgeting tools instead.
Employee Christmas Parties and Gifts – Any FBT?
Behavioural Coaching and your financial plans
FBT – Christmas Parties and Taxi Fares
Information needed to be the BBQ expert.
Tax consequences of trust vesting
Fringe Benefits Tax (FBT): employees’ private use of vehicles
ATO to contact clients over bank details
ATO claws back $850m in unpaid SG in FY 17-18
Appetite for property in SMSFs shows signs of life despite tough market
Superannuation gender gap narrowing, research shows
Articles archive
Quarter 4 October - December 2018
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Quarter 3 July - September 2016
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Quarter 3 July - September 2015
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Quarter 1 January - March 2015
Quarter 4 October - December 2014
Golden Rules for Deductions


       


 


The Australian Taxation Office now uses sophisticated data analytics to assess a range of deductions and claims. 


Taxpayers must follow three golden rules when making a deduction:


  • the taxpayer must have spent the money (and not been reimbursed);
  • the claim must be directly related to earning the taxpayer’s income;
  • they must keep records to prove it; and
  • taxpayers may receive a “please explain” or have a claim disallowed.

 


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25th-January-2019