Wise Accounting Podcast (wap)

This week we discuss the latest tax updates, that were directed more to the individual tax system, more so than corporate. As legislation is set to pass this will change, and rest assured we will dis cuss here. In the meantime, the points discussed today are: The government has issued new Approved Occupational Clothing Guidelines which commence on 1 October 2017 (with previous guidelines repealing from the same date). These guidelines set out the conditions for entitlement to a tax deduction for non-compulsory uniforms and wardrobes where the design of the clothing is entered on the Register of Approved Occupational Clothing (the Register). The Register is kept by AusIndustry. An employee may claim a deduction for expenditure on uniforms or wardrobes (Div 34 of ITAA 1997) where: the clothing is occupation-specific or protective in nature wearing the clothing is a compulsory condition of employment and the clothing is not conventional, or if wearing the clothing is not compulsory, the clothing design is enter