As tax time is upon us once again, many taxpayers find themselves uncertain about what they can claim as deductions to minimise their taxable income.
One area where mistakes are frequently made is claiming for clothing purchased for work purposes, even if required by the employer. While claiming work-related clothing expenses is allowed under certain circumstances, misunderstanding the rules can lead to potential errors, unwanted audits and the resulting penalties and interest for getting it wrong!
This episode discusses some common mistakes taxpayers make when claiming clothing expenses and how to avoid them.
