Australian Tax Deductions without Receipts

For complete article: www.wattleacco...
We all want to maximise our tax positions but unfortunately some clients have no receipts which means they have no deduction however there are actually a few tax deductions claimed without receipts.
Generally in order to claim a tax deduction, an expense must be related to your source of income and substantiated by a record such as a tax invoice however there are special rules relating to record keeping for work-related deductions which do not require substantiation.

[@koollifebillionaire]

Thanks for the informative padcast

[@ComputerEngineer08]

Very informative video, thanks for sharing! If you don't have receipts, would a bank statement be sufficient?

[@wattleaccountants]

Hi ComputerEngineer08,
We only briefly touch on substantiation in this video however we will be posting a more detailed video on record keeping requirements shortly.

[@KateLate____]

I'm confused, isn't the employer already paying you $320 for the work related travel?
Is the issue that you will get taxed on that $320 unless you explicitly claim these expenses, even if you have no receipts?

[@wattleaccountants]

Hi KateLate,
There are two common ways travel expenses are managed for tax purpose.
The first is where the employer pays a 'travel allowance' - this is simply a wages expense for the employer. The employee needs to calculate their travel deduction including substantiation. This video covers the special substantiation rules for travel deductions available to employees only.
The second is where the employer reimburses the employee's travel expenses. The employee cannot use these special rules in this situation and the employer needs to meet those substantiation requirements to claim the deduction. The employee cannot claim a tax deduction for those travel expenses as it is already being claimed by the employer (by reimbursement).