Question
Which of the following statements is most correct? Not all work related expenses need to be substantiated by written documentary evidence. A taxpayer must retain
Which of the following statements is most correct? Not all work related expenses need to be substantiated by written documentary evidence. A taxpayer must retain their documentary evidence relating to allowable deductions for a period of seven years. Where a taxpayer receives an assessable car allowance they are automatically entitled to claim a deduction for car expenses without the need to substantiate the claim. Where a taxpayer claims car expenses under the logbook method a new log book is required to be kept for twelve weeks when a replacement vehicle is purchased. Taxpayers can never claim the cost of occupational clothing.
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