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Last week we gave you a kind of checklist to determine whether you should get an accountant, or tackle tax time yourself. If you have opted to undertake the task yourself, here are some tips you can employ to make it as easy as possible, and make sure you don't miss out on any deductions!
Be sure to keep every receipt and invoice for every work related expense. You don't want to miss out on any deductibles, and it's better to be safe than sorry.
Make sure to claim every expense you are legally entitled too. $20 on a uniform here and a $10 donation there may not seem like a lot, but the expenses will quickly add up!
If you pay union fees for your job, you can claim them as deductibles!
There are many costs involved with working from home and setting up an office in your house. You can't claim every purchase, but here are some that you can!
You are eligible to claim any TAFE or other courses or certifications that you were required to complete to stay employed.
If you need to use your car for work, here is a list of expenses you can claim:
Costs you will not be able to claim include:
The ATO accepts digital receipts in place of the originals, which means you no longer need to keep stacks upon stacks of old papers. Scan your important receipts and keep them on a hard drive instead of a dusty box under your bed!
While it might be tempting to exaggerate your deductibles, the risks far outweigh the costs. Only claim the expenses you can back up with documentation to avoid possible fines.
Beyond Debt is a trading name of DCS Group Aust Pty Ltd. Australian Credit License: 382607. RDAA Number: 1126. PO Box 3074 Newstead, QLD, 4006.
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