With millions of pieces of information now pre-filled (including information from most banks, employers, government agencies and private health insurers), the ATO is giving taxpayers with simple affairs the 'green light' to lodge their tax returns.

Taxpayers who plan to claim deductions this year should make sure they have the correct records, and, in most cases, "a bank or credit card statement (on its own) isn’t enough evidence to support a work-related deduction claim – you’ll need your receipts".

💰Myth:
“I don’t need a receipt; I can just use my bank or credit card statement.”

Fact:
To claim a tax deduction, you must provide detailed evidence: 

🧾 proof that you incurred the expenditure;

🛍️ what the expense was for;

👨🏽‍💼 who the supplier was; and 

📅 the date of payment. 

Personal bank or credit card statements alone won’t generally suffice for this purpose.

Only in specific cases where substantiation exceptions apply can you forgo these details.

The ATO reminds taxpayers that the rules regarding how and when they can claim a deduction can change, including in relation to car expenses and working from home costs. Therefore, they should not just 'copy and paste' their deductions from last year, and they may require assistance from their accountant in this regard.

The ATO notes that taxpayers using a registered tax agent normally have more time to lodge. Feel free to contact us if you want to urgently lodge your return, or if you want to confirm that you (and your related entities) are on our deferred lodgment program.

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If you would like a little help, please get in touch with us for assistance. We can help with your business, bookkeeping, tax and SMSF requirements.

Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation.