On July 12, 2016 By Rocky Singh
It’s the time of the year again when we start collating all our expenses receipts and wondering what to claim or not? Tax deductions are Job specific which means your entitlement to claim deductions depends on what you do and what’s your Job.
When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income.
To claim a work-related deduction, you must need to satisfy followings:
-> you must have spent the money yourself and weren’t reimbursed
-> it must be related to your job
-> you must have a record to prove it (there are some limited exceptions).
If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion.
You may able to claim following specific tax deductions depending on your Job or business activity:
-> Vehicle and Travel Expense
-> Clothing, Laundry and Dry-cleaning expenses
-> Gifts and donations
-> Home office expenses
-> Interest, dividend and other investment income deductions
-> Self-education expenses
-> Tools, equipment and other equipment
-> Other deductions
If you’re not sure what expense you can claim, it is always advisable to see a tax accountant and get them do your personal tax return. Every year ATO contacts over 350,000 people with errors in their tax returns. The focus on unusually high work-related expense claims across all industries and occupations.
We are here to help!
We as professional accountants and registered tax agent not only prepare and lodge your tax returns but also advise our clients what they can claim or not as per their occupation and business activity.
Call us on (07) 3393 2221 to book an appointment for Personal or Business Tax Return to maximize your Tax benefits.