ACCT2331 Chapter 15: Chapter 15
Document Summary
Chapter 15 - provisions that deny or limit deductions. Individuals are generally required to have written evidence of the following kinds of expenses in order to be able to claim deductions (for both general or specific provision): Written evidence [p406: receipt or invoice must contain: A taxpayer can self-record expenses under , where the total is below for the year. Substantiation is generally not required for work expenses under for the year. Maintaining records [p407: records must be kept for 5 years, commissioner has discretion to allow a deduction where taxpayer has not complied with substantiation rules. 15. 3 car expenses (div28 itaa97) [p408: taxpayers: Can choose whichever method produces the best result. Can change methods from year to year. Can use different methods for different cars: two methods for deducting car expenses: Cents per kilometer method subdiv 28-c (reasonable estimate acceptable) Log book method subdiv 28-f (required to maintain written evidence)
