It’s tax time again – Are you making the most of your allowable tax deductions?
According to the Australian Taxation Office (ATO) website, there are 4 things you need to claim a work-related deduction:
- You must have spent the money yourself and weren’t reimbursed;
- It must be directly related to earning your income; and
- You must have a record to prove it.
- Employees are now entitled to claim personal contributions to superannuation (limits apply) against their salary income.
The ATO allows you to claim up to $300 for work related expenses without having kept any receipts – but you must have spent the money and it must be related to your employment.
If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion.
If the cost of any item is over $300, it will have to be depreciated (a portion of the cost claimed each year over its effective life).
THE IMPORTANCE OF A FANTASTIC TAX ACCOUNTANT
At Scanlon Richardson, we’ll help you to claim every dollar you can, and make sure you stay out of trouble by not claiming anything you shouldn’t. Our extraordinary accountants are all highly trained specialists and will work with you to get you the best outcome.
DEDUCTIONS You may be able to claim
It’s our job as your accountants to make the lodgment of your Tax Returns as easy and simple as possible.
We do this every day, so we know all the ins and outs of what to claim to make it easy for you.
If you want to have a look at some of the specific deductions you can claim, here are links to the ATO website (it’s actually pretty good for the ATO):
- 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
- Vehicle and travel expenses – including travel between work and home
- Other work-related deductions – including phone, internet, seminars etc.
- Other deductions
We have also updated our resources page to include the following useful guides for your 2022 Tax Return:
- Tax Return Checklist
- Tax Deduction Guide
- Property Investors Deduction Guide
- Home Office Deduction Guide
To make an appointment with us to discuss and prepare your 2022 Tax Return, please click book now or contact our office on 03 6231 3448.