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Record keeping for work-related expenses this tax time

Posted by Team AVS on 18 Jun, 2020  0 Comments

As a result of the impacts of natural disasters and COVID-19, we expect there will be changes to what people in many industries claim in their 2019–20 tax return.

This may be an opportune time to review your claims to ensure they are applicable in the current financial year.

If your usual pattern of work changes during the year due to COVID-19 or other circumstances, you may need to complete an additional record for the period their work pattern changed. This is particularly important where you calculate your  claims using representative periods such as the:

  • logbook method to calculate car expenses
  • four-week representative period to calculate working from home deductions.

This year, we expect to see an overall reduction in work-related car, travel and clothing expenses across many industries. You will need to account for such variations when working out your deductible expenses.

 

If you have any questions, feel free to ask them in the comment section. We will be happy to answer all your queries.


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