TAX UPDATE: ATO Cracks Down on Work Related Expenses – Guidelines Released

 

From the 2015 income year, the Australian Taxation Office (‘ATO’) has flagged that it will be paying closer attention to deductions claimed by individual taxpayers for certain work-related expenses. Recently, the ATO has released Guidelines detailing how such deductions are to be calculated and the necessary substantiation requirements that will be put under the ATO microscope.

The ATO Guidelines are not only relevant for individual taxpayers, but also employers that provide fringe benefits relating to the provision of a mobile phone, landline and home internet to an employee.

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