Tailored tips for your industry
Need a hand with your deductions this tax time?
The Australian Taxation Office (ATO) has a suite of tailored guides for (*almost) every occupation.
Use them to learn which:
• deductions you can claim
• income you must declare
• records you need to keep.
Visit ato.gov.au/buildingconstruction
Records, records, records
Planning to claim work-related expenses this year?
Remember, to claim a deduction for any work expense:
• you must have spent the money yourself and you weren’t reimbursed
• the expense must directly relate to earning your income, and
• you must have records.
In most cases, your records need to include written evidence from a supplier – like a receipt – that shows the cost, name of the supplier, date it was purchased, nature of the expense, and date the document was produced. You may also need other specific records, for example, a logbook for car expenses.
A bank or credit card statement (on its own) usually isn’t enough evidence to support your claim.
The myDeductions tool in the ATO app is the perfect way to keep track of all your receipts and records in one place. It’s easy to use, check out this video on the Australian Taxation Office (ATO) Instagram account.
For more information on keeping the right records for tax time, visit ato.gov.au/keepingrecords
Deductible donations
Did you support your favourite charity this year? Consider the following points to see if you may be able to claim it in your tax return:
• Deductible Gift Recipient (DGR) status: You can only claim a tax deduction for a gift or donation to an organisation that has the status of a DGR. You can check here.
• Type of gift or donation: It must be money, property, or financial assets such as shares.
• A true gift or donation: You can only claim a gift or donation if you voluntarily transferred money or property without receiving, or expecting to receive, any material benefit or advantage in return.
• Check the conditions: Your donation must comply with any relevant gift conditions. For some DGRs, the income tax law adds conditions affecting the types of deductible gifts they can receive.
• Records: To claim a deduction, you must have a record of your donation, such as a receipt.
If you meet all of the conditions above, you can claim a deduction. Visit ato.gov.au/giftsdonations
Strengthen your cybersecurity habits to stay safe this tax time
The Australian Taxation Office (ATO) has reported more than a 300% increase in email impersonation scams in the last year.
ATO impersonation scams are generally at their peak at tax time. Scammers know Australians are focused on lodging their tax return, updating their personal information and may be anticipating refunds.
There are things you can do to protect yourself:
• Download the ATO app to securely, quickly, and easily manage your tax and super on the go.
• Always access ATO online services directly via ato.gov.au, my.gov.au or the ATO app. Do not click on links or attachments.
• Use myID and set to the highest identity strength you can achieve. It’s the most secure and flexible way to access ATO online services.
Follow these 3 steps to protect yourself from scams this tax time:
1. Stop: Never share your myGov sign in details. Only share personal information if you trust the person and they genuinely require it. If in doubt, don’t disclose anything.
2. Check: Take a second to check. Ask yourself if it could be fake. Is it really the ATO? If a link or QR code is directing you to provide information or to log into an online portal, don’t click on it.
3. Protect: Act quickly. If an interaction doesn’t feel right, don’t engage with it. Visit the ATO website or phone the ATO on 1800 008 540 to check.
Find out more at ato.gov.au/scamsafe
