Australia Tax Agency Explains Deductions for Business-Related Expenses, Allowances, Fringe Benefits

The Australian Taxation Office Feb. 17 issued Draft Practical Compliance Guideline No. PCG 2021/D1 and Taxation Rulings Nos. TR 2021/1 and TR 2021/D1, explaining deductions on business-related expenses, allowances, and fringe benefits. The agency explained that: 1) deductions are generally only allowed for travel allowances received for business travel; 2) transportation expenses incurred for ordinary travel between home and a regular place of work aren’t deductible; and 3) accommodation, food, and drink allowances can be deducted if reimbursed for business-related activities. The rules also apply to fringe benefits received while conducting such business activities. Comments are due March 19. [Australia, ...