Can I claim my lunch?

On a normal workday, the answer to this one is a big NO.

The ATO says that your lunch is a private expense.

If, however, you are traveling away from home overnight for work (and your employer doesn’t reimburse you) then you can claim the cost of the meal.

If your employer pays you an allowance to cover this meal, the allowance will be included as income on your tax return, and you can make a claim for the meal as an expense.

Make sure you keep a record of the cost so you can claim it. (There is a special rule about not needing receipts if you spend under the ATO’s reasonable rate, and received an allowance, but receipts are always best)

 

Don’t forget that keeping clear records, receipts, and logbooks will always help you receive the best possible tax refund.

To book an appointment please call us on 07 3881 3029 or you can email us at admin@gotax.biz

Implications of taking out your Super early

With the outbreak of Coronavirus, a mass amount of people have been financially impacted whether it be by loss of job or reduced income creating financial hardships for many. The Government allowed Australians to take up to $10,000 out of their Super for people to regain more financial stability, however, to take out Super you had to meet a criterion. This access to Super has come with some negative implications which many are unaware of.

If you took out Super without meeting the eligibility criteria set by the ATO you could be looking at a $12,600 fine. To be eligible to take out your Super you must be unemployed, receiving a payment such as youth allowance, JobKeeper, a parenting payment or have your working hours reduced by a minimum of 20%. The ATO is closely monitoring people who have not been financially affected by COVID-19 or people who have been rearranging their affairs to meet the criteria and are placing them on a watchlist.

By giving the ATO incorrect information to receive Super it will follow with the penalty $12,600 fine.

By taking out Super early you risk your retirement leaving you with less money. Taking out Super early could leave you greatly impacted; taking out as much as $10 000 now could jeopardise your future Super anywhere between $60,000 to $100,000, which could result in you working longer.