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Tuesday 31 July 2012

Reasonable Travel and Meal Allowances for 2013

Generally, allowances you receive are assessable income in the year they are received, with certain expenses being able to be claimed against it.
Each year, the Tax Office revises the amounts they consider reasonable in relation to claims for.
  • Overtime meal allowances;
  • Domestic travel allowances; 
  • Travel allowance expenses for employee truck drivers; and
  • Overseas travel allowance expenses.
Expense claims made in relation to such allowances receive concessional substantiation treatment. Where the claim for such expenses is less than the reasonable amount prescribed, substantiation of the claim is generally not required.
Overtime meal allowance claims up to an amount of $27.10 per meal are considered reasonable for the 2013 financial year where the meal allowance is paid under a law of the Commonwealth, State or Territory or under an award, order, determination or industrial agreement.
The reasonable amount of a domestic or overseas travel allowance expense claim is dependent on the destination and employees annual salary.
Employee truck drivers who receive a travel allowance and sleep away from home can claim $89.60 or $97.75 per day depending on their annual salary.
Click here to obtain all of the reasonable allowances for the 2013 financial year.

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