A Guide
Many people dislike keeping receipts, often discarding them without a second thought. However, this can become problematic during tax season when claiming deductions. Fortunately, there are instances where claiming deductions without receipts is possible.
# Expenses Claimable Without Receipts
The Australian Taxation Office (ATO) allows claiming deductions for work-related expenses without receipts if the total amount is $300 or less. However, this limit doesn't apply to certain deductions, such as car expenses, travel expenses, and self-education expenses.
Even if your total work-related expenses exceed $300, you can still claim deductions for laundry expenses up to $150 without receipts. Additionally, you can claim deductions for work-related expenses under $10, as long as the total claim doesn't exceed $200.
# Record-Keeping for Expenses Without Receipts
While receipts are not required for certain deductions, record-keeping is crucial. For expenses under $10, a simple record showing the supplier, date, and amount spent is sufficient. For expenses exceeding $10, you may need to provide more detailed records, including the nature of the goods or services and how you calculated the amount claimed.
# Specific Deductions Without Receipts
Occupation-specific clothing and distinctive uniforms: You can claim deductions for these items without receipts, provided they meet specific criteria outlined by the ATO.
If you use the cents per kilometre method, you don't need receipts for work-related travel. However, you'll need to show how you calculated your work use.
If you incur expenses where obtaining a receipt is difficult, you can make a record of the expenses instead. This record should include the name of the business/supplier and the nature of the goods or services.
# Importance of Accurate Records
Remember, the ATO can request additional information or documentation to verify your claims. Therefore, it's crucial to maintain accurate and detailed records for all expenses claimed without receipts. This will help avoid potential audits and ensure you receive the deductions you're entitled to.
# Additional Resources
For more information on claiming tax deductions without receipts, visit the ATO website. You can also consult a tax agent for personalized advice.