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A Queensland managing director has been unsuccessful in his bid to claim nearly $50,000 in business travel, accommodation, and food costs as income tax deductions, with a recent ruling by the Administrative Appeals Tribunal (AAT) underlining the importance of keeping receipts for tax time.
In September, the AAT upheld an earlier Australian Taxation Office (ATO) ruling that William Smith, an energy infrastructure expert, could not claim work-related expenses totalling $48,425.86 as part of his 2019-2020 income tax return.
Smith was employed by EnergyAustralia in the relevant income year, while also serving as managing director of Infunde Capital and chief technical director of Infunde Development.
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