ATO Tax Time 2020 - Engineers Resource Kit

Disclaimer:  The ATO has approached SAE offering advice on simplifying engineer's tax returns. Without comment or commitment, we pass the details on to members for their consideration and possible action.

It’s tax time! It pays to learn what work-related expenses you can claim

Do you know what you can and can’t claim during tax time? Lodging your tax return is easy with the ATO’s work-related expenses guide for engineers.

When completing your tax return, you may be able to claim deductions for some work-related expenses.

To claim a work-related deduction:

·            you must have spent the money yourself and weren't reimbursed

·            it must be directly related to earning your income

·            you must have a record to prove it

If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion. Common deductions for engineers can include:

·            Clothing, footwear and laundry expenses

·            Self-education and study expenses

·            Home office expenses

·            Car expenses

·            Meal expenses

You are accountable for the claims you make in your tax return, even if you use a registered tax agent to prepare and lodge it on your behalf.

Remember to report all income in your tax return and remove any portion of your expense that is not work-related.

For more information or to download the ATO’s engineer work-related expense guide go to www.ato.gov.au/engineer20

Tax Tips

·       Remember, you’re accountable for the claims you make in your tax return, even if you use a registered tax agent to prepare and lodge it on your behalf. Make sure you have records to prove your claims.

·       The best time to lodge your tax return is mid-August, when all financial information the ATO receives from employers, banks, government agencies and more, will be pre-filled.

For more information, or to download the guides available for specific occupations, visit www.ato.gov.au/occupation20

Links

  1. Working From Media Release – Explains a new method for claiming expenses related to working from home
  2. Tax Time Poster– This poster provides helpful information on which expenses engineers can and cannot claim at tax time.


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