I sat down with our Accounts Team this morning to get some tips on how to best complete your tax return. Check out some of them below:
Receipts – Collect all of your receipts from work-related purchases throughout the year. It will be easier to remember what you need to claim back and provide your proof for items you may be entitled to claim.
Motor Vehicle Expenses – If you drive for work, from client to office, or office, client then home you may be entitled to claim some money back for your petrol and other car expenses. If you do travel over 5,000km, make sure you keep a log book as you will need to use this to prove your usage.
Home Office – If you regularly work from your home, you may be entitled to claim some of the expenses in running the office. This can be for things like; notebooks, keyboards, computer, files, desks, electricity etc. Within reason, of course.
Income protection insurance – The ATO allows you to claim the costs of your income protection premiums for policies taken out separately to your Superannuation. So, if you have income protection as part of your super package, the premium is not tax deductible.
Hack – This one is a fun one – if you have a handbag that you can justify as being completely used for work purposes, you may be able to claim it as a tax deduction. Check with your accountant first, but generally, for handbags under $300, you might be able to claim this as a deduction!
If you have any tips for us, please message us on our Facebook Page! Otherwise, (I know it’s over but) Happy EOFYS, happy shopping and happy times spending your hard earned tax returns!
Author: Holli Hope-Jones