澳洲Record keeping requirements in brief

在澳大利亚税务



The tax time is coming to end soon (31 Oct 2012). For some last minute preparers, I hope this post can be some sort of help. But bear in mind, all information listed here is in a manner of being brief and general, for any specifics I would recommend one to seek a professional advice.

Standard Deductions is $ 300:
Although the government proposed to increase taxpayers’ standard deduction to $500 in 2012 and to $1,000 in 2013, it has been postponed respectively until 1 Jul 2013 and 1 Jul 2014 to be effective, which means people, who currently are claiming over $300 deduction for work related expenses and the cost of tax affairs management fees, will need to meet the record keeping requirements. (Treasurer's media release No 148, 29 November 2011)

General:
The record-keepings must be in English, and generally required to be kept for 5 years, provided there is no dispute or tax loss, etc. In practice, some count the 5 years from the date of lodgement, some use the issue date on the Notice of Assessment. And the commissioner disallows the excuses that the records are lost or destroyed. Lately example – in this year of 2012, there were 2 taxpayers had been prosecuted for criminal conviction of fraudulent returns, which they claimed all records were lost and destroyed in QLD flood. (ATO Website)

Home office:
34 cents per relevant hour, this method covers all running costs for home office, including gas & elect, home furniture depreciation, but telephone, internet, depreciation on computer, printer or other office equip should be calculated separately. (ATO Website)

Exceptions:
Small amounts that individually is equal and less than $10, and total sum is not greater than $ 200, a brief summary or diary is acceptable, provided that the commissioner considers it is not unreasonable. (s.900-125) But it must be kept in English and with supplier name, amount and nature of each spending and of course the date. This is the best method for parking fees, donations and others small spending.  

Laundry:
The clothes must be work related uniform or protective wears. Tax pack D3 allows people to claim $ 1 per load for washing the work related clothes only, $ 0.50 per load for mixed washing. A diary is needed for this exercise.
If the total work-related expenses (excluding work travel, car expenses and meal allowance deductions) are not greater than $ 300, no record keeping is needed.
If the total work-related expenses before work travel, car expenses and meal allowance deductions are greater than $ 300, the laundry can claim up $150 before the record-keeping is required.

Reasonable travel expense: (Provided that you received allowance from your employer for your overtime meal, and travel expenses)
If the meal allowance and travel allowance deductions are stated on your PAYG payment summary as deduction, the record-keeping requirement is exempted if your claim is not exceeding the amount.

Otherwise, TD2012/17 provides the reasonable amounts for all meals, accommodation and incidental claim, which the commissioner would accept the claim without substantiation. Bear mind for work travel less than 6 nights, you need to keep written evidence. For a travel over 6 nights, you would need to keep a travel diary in addition.  You can google “TD2012/17” for detail.

Car expenses:
There are 4 methods to calculate car expenses for tax deductions, listed as follow,
        log book method requires most works for admin and record keepings. Refer ATO website for more info.
        12% of cost (subject to luxury car limit), no recording keeping required in relation to the car expenses, but you need to establish that your work travel is greater than 5,000 km for the year. Travel diary is acceptable for this purpose. Depreciation can’t be claimed separately.
        1/3 of Op expense (including depreciation but excluding any capital improvement costs), you need to keep all records for the car expenses, and 1/3 of them are claimable. You also need to establish that your work travel is greater than 5,000 km p.a. Travel diary is acceptable for this exercise.
        Cents per KM, this is the easiest to apply and most efficient way. And 9 out of 10, this would give you the best result.  The flat rates are based on the engine capacity of your car, which respectively are $0.63/km for 1.6L engine or less, $0.74/km for 2.6L or less, $ 0.75/km for over 2.6L engines, and you claim up to the maximum of 5,000km. Depreciation can’t be claimed separately.

For any other specifics, you are highly recommended to seek a professional advice.

Reference:
http://www.ato.gov.au/individuals/content.aspx?menuid=0&doc=/content/30327.htm&page=1&H1
http://law.ato.gov.au/atolaw/view.htm?docid=%22TXD%2FTD201217%2FNAT%2FATO%2F00001%22






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Home office:
0.26 cent ---0.34 for 2012

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Thanks, you are right. 0.34 has been updated in original post. :)

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