As a result of the impacts of natural disasters and COVID-19, we expect there will be changes to what people in many industries claim in their 2019–20 tax return.
This may be an opportune time to review your claims to ensure they are applicable in the current financial year.
If your usual pattern of work changes during the year due to COVID-19 or other circumstances, you may need to complete an additional record for the period their work pattern changed. This is particularly important where you calculate your claims using representative periods such as the:
- logbook method to calculate car expenses
- four-week representative period to calculate working from home deductions.
This year, we expect to see an overall reduction in work-related car, travel and clothing expenses across many industries. You will need to account for such variations when working out your deductible expenses.
If you have any questions, feel free to ask them in the comment section. We will be happy to answer all your queries.
Disclaimer : All the content (including Blogs, newsletters, Fact sheets, calculators etc.) provided on this website is general information only and is neither intended to nor be considered personal financial or taxation advice. The content has been prepared without taking into account your personal circumstances, financial situation or objectives. In making any financial, investment or taxation decision, information provided on this website should not be relied upon and you should seek personal advice. AVS Business Services Pty Ltd disclaims any responsibility for any decision that you make, based on the information provided on this website.All the information provided on this website is prepared in good faith and based on AVS’s knowledge and understanding of superannuation, taxation and other relevant laws and is believed to be correct at the time of writing the information. However as the laws, being dynamic by nature, keeps on changing, you should not rely on the information provided on this website without first obtaining advice from qualified professional.