COVID-19 lockdown & tax deductions
With about one-third of taxpayers about to do their own tax returns, Michael is joined by Heather Moore, Chartered Tax & Business Advisor / Associate Director at NKH Knight Financial Services, for some timely advice on what deductions can be claimed for those having worked from home during COVID-19 lockdown.
The tax office has already announced that they’re expecting to see a drop in claims related to laundry and travel expenses, as fewer people attended their normal workplace for the final quarter of the 2020 financial year.
In many cases, the number of kilometres travelled for work purposes will also have dropped for FY2020 compared to last year’s tax return.
If your claims look really high compared to other people in the same income level and same occupation, and perhaps even in the same location, the ATO has warned that they might have to ask questions on the claim.
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