#EveryoneNeedsaPlan: Substantiating Tax-Deductible Expenses

To claim the deduction the expense must be ‘substantiated’ – i.e., prove the expense was incurred

• Invoices and receipts are the best way to prove the expense
• Work-related expenses must be related to the ‘work’ – e.g., if the taxpayer’s job requires them to have a mobile phone
• Credit card and bank account statements may not provide sufficient ‘proof’, so don’t rely on them
• Tip: obtain invoices and receipts for all expenses that you think may be related to your work & have your Tax Agent advise which ones are deductible