It’s been a big year for natural and man-made disasters that may have impacted your work life. So what does that mean for you, your tax return and your tax deductions?
Well it means the evil eyes of the tax office will be looking a little closer at those work-related tax deductions you’ll be claiming in your 2020 tax return.
For instance, your employer was shut down for six weeks for the bushfires and another eight weeks for the virus. That means 14 weeks where you didn’t go into work. If you’ve claimed tax deductions, such as uniform and laundry every year, that claim has been based on the 52 weeks. So this example would limit your work related tax deductions from 52 weeks to 38 weeks. Now that is picky and sucks but that’s what it is, so tread carefully.
So less time at work means less tax deductions you can claim compared to previous year’s tax deductions for those expenses.
Take a little care with your tax deductions this year if your work has been affected by those issues.
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