As an Individual, when working out if an expense is tax deductible there are three Golden Rules that must be met:
1. Have you spent the money yourself and not been reimbursed by your employer?
2. Does it directly relate to the earning of your income?
3. Do you have a record to prove it?
Keep in mind; if the expense was for both work and private purposes, then you can only claim a deduction for the work-related portion.
If you operate a small business, to help you work out if a business expense is tax deductible, you must apply these three Golden Rules:
- You must have spent the money for your business – it cannot be a private expense
- If the expense is for a mix of business and private use, you can only claim the portion that relates to your business, and
- You must have records to prove it.
General information is available in various languages at ato dot gov dot au forward slash other languages, or you can phone the Translating and Interpreting Service on thirteen fourteen fifty and ask to be connected to thirteen ten twenty.
Listen to this feature in Bangla in the audio player above.
