Records for Expenses

For most expenses you need a receipt or similar document as evidence of your expenses. To claim a deduction for a work-related expense, as an employee:

• you must have spent the money and you weren’t reimbursed
• the expenses must directly relate to earning your income
• you must have a record to prove it (usually a receipt).

You can only claim a deduction for the work-related portion of an expense. You can’t claim a deduction for any part of an expense that doesn’t directly relate to earning your income or that is private.

If your total claim for work-related expenses is more than $300, you must have written evidence to prove your claims.

If you are claiming the decline in value of a depreciating asset you have used for work, such as a laptop, you must keep records for 5 years following your final claim, including:

• purchase receipts and a depreciation schedule
• details of how you calculated your claim for decline in value

Remember, Pro Tax Accountancy is here to help you with your Tax and BAS. Contact us on 0481 953 556 or email us at service@protaxaccounts.com.au to find out more.

Source: Ato.gov.au.Records for expenses. Link available here