The ATO has issued Tax Determination TD 2021/6 which sets out the reasonable allowances for the 2021/22 year for meals and domestic and overseas travel paid to employees, company directors or office holders.
Where the amount paid falls within the relevant reasonable allowance, the person is not required to substantiate the expenses. However, the ATO still requires some written records be kept to show the allowance was expended.
Tax Specialist & Accountant Leo Hollestelle discusses how the ruling applies including reference to two examples adopted from the ruling.
The Paying Meal and Travel Allowances to Employees
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