Tax Time - Getting your deductions right

If you work in the agriculture industry, the Australian Taxation Office (ATO) has shared some tips to help you lodge and claim correctly this tax time. Members may like to share this information with their employees.

 First, you’ll need to meet the 3 golden rules:

 To claim a deduction for any work-related expenses, you’ll need to make sure:

1.       you spent the money yourself, and weren’t reimbursed

2.       the expenses directly relate to earning your income

3.       you have the records to prove it (usually a receipt).

 You can’t claim private expenses

 This includes things like rent, meals and groceries, childcare, medical expenses, and the cost of travelling to and from work. These are private in nature and can’t be claimed in your tax return.

 Records, records, records

You must have records, like a receipt, for any deductions you claim. A bank statement (on its own) generally isn’t enough evidence to claim a deduction for work-related expenses.

 More information

Check out the ATO’s tailored occupation guide for agricultural workers here. It helps explain which deductions you can and can’t claim this year, as well as the income you’ll need to declare and the records you need to keep.