The Importance of Record-Keeping

Proper documentation and holding on to all receipts can significantly affect your tax returns and deductions.

The ATO are enforcing strict record-keeping eligibility for tax claims, and we wanted to quickly remind you of the importance of this.

Work From Home Hours:

For those working from home, it’s essential to track your hours and keep records of any and allowable deductible expenses.

There are 2 ways to keep track of this information and if you are unsure which is the best for you, please feel free to get advice personalised to yourself from us.

There is also a lot of legislation that needs to be met to be able to claim the work from home deduction, which we can discuss with you at tax time, but in the meantime it is important to keep track of the information.

The information will need to be kept in relation to that financial year and we will be requesting clients provide us a copy each financial year to ensure that we are claiming the right amount for clients.

Overtime Meal Allowance:

If you’ve received overtime meal allowances, please keep note of the dates you got paid this over time meal allowance and city you were working in.

Please also keep the receipt for the meal you purchased.

Keeping track of these allowances can help ensure you’re properly reporting your income and claiming any relevant deductions.

Car Travel Records:

If you use your vehicle for work-related travel, please ensure you are maintaining a detailed log and all the receipts.

There are 2 ways to keep track of this information and if you are unsure which is the best for you, please feel free to get advice personalised for yourself from us.

The information will need to be kept in relation to that financial year and we will be requesting clients provide us a copy each financial year to ensure that we are claiming the right amount for clients.

Travel Expenses:

For any travel undertaken for work, please keep all receipts and records of expenses.

You also need to keep a log of the number of days away in total, number of days you were working and number of days that were of private use. Please also note which city/country you were in.

This includes transport, accommodation, meals, and other costs incurred during your trips. Comprehensive documentation will support your claims and ensure compliance with tax regulations.

Investment Properties:

Investment property and Air BnB owners need to accurately track of all the income and expenses. Please hold onto your receipts as based on legislation we need to view some of them to identify how to treat them.

Precise record-keeping is crucial for optimizing your tax returns and ensuring compliance. To assist clients we have prepared some spreadsheets that can be purchased on our website and can be utilised again each year https://www.glideaccounting.com.au/savvy-spreadsheets/p/fy25-work-from-home-spreadsheet

Please note these will be updated on the website if the legislation changes.