Here's your quick bite of tax wisdom for the day and it’s all about claiming parking and tolls as a tax deduction.
1. If you're spending money on tolls and parking fees while traipsing around for work, these costs could be deductible. But be wary, the taxman isn’t interest in the travel from your home to your work or visa versa, those fees just aren’t tax deductible.
2. On your work travel, your parking fees and tolls can be tax deductible - provided you can prove they're related to earning your income.
3. Keeping a logbook is as fun as a kangaroo with a toothache, but it's your golden ticket to proving your expenses. The ATO loves good record keeping, so jot down your trips or even better get the Deduction Grabber App, which we have crafted for your use.
4. Just like an aggressive drop bear, the ATO can pounce if you get too cheeky with claims. So, make sure to follow their guidelines and rulings. If you’re unsure, then ASK US.
Remember, tax law is trickier than a cockatoo stealing your brekkie. When in doubt, consult Gotax to make that determination for you.
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