AUSTRALIAN TAX OFFICE REQUIREMENTS • The tax laws require you to have receipts relating to claims made in your return, otherwise they will not be deductible. • The number one tip for maximising your deductions is to keep your receipts and records. • Almost every available deduction from your income needs to be substantiated with written evidence. • Tax agents are bound by strict legislative provisions as to what they can claim for you including the requirement for documentary evidence of your expenses – either work-related (travel, uniforms, tools etc), donations, medical or business expenses. • It is equally important to keep your records of major capital purchases (eg cars, computers or other long-term assets) so that the correct depreciation can be calculated.
ITP Qld Tax Return Professionals
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