Tax: 10 things you can claim

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Tax: 10 things you can claim
With the end of the financial year just weeks away, tax time is right around the
corner. And while sorting out your finances can be overwhelming, the good news is it
doesn’t have to be. By understanding what you can claim, you’ll not only make tax
time a breeze – but save yourself some cash too.
1. Meals and mortgage
If you work for a not-for-profit or charity, chances are your employer offers salary
packaging benefits. For many employees, that means you can make your mortgage
or rental payments out of your pre-tax income. You may also be able to claim the
cost of meals, entertainment and travel – and they don’t have to be work-related.
Speak to your employer about your company’s policy and limits.
2. Travel expenses
You may be able to claim a deduction for work-related car expenses if you drive to
conferences or client meetings as part of your job. The same applies if you catch
public transport to and from these venues – just remember to hold onto proof of
these trips.
3. Clothing and laundry expenses
If you wear a uniform to work, you may be able to claim the cost of washing, drying
and ironing it. Under Government guidelines, a uniform is defined as an outfit that’s
‘unique’ to your workplace, such as a shirt with your company’s logo or print. To find
out whether your uniform qualifies, visit the Government’s Approved Occupational
Clothing Guidelines.
4. Self-education costs
Work-related courses completed at a school, college or university may be tax
deductable. But to get your claim over the line, you’ll need proof that your studies are
directly relevant to your job such as a letter of support from your employer.
5. Home office expenses
Working from home means you may able to deduct costs such as your computer or
work-related phone bills. As long as you have the right records, you may also be
able to deduct running expenses such as energy bills, repairs and cleaning costs.
6. Magazines, books and online subscriptions
Do you subscribe to online news articles? Buy books regularly? If you can prove
they’re work-related, you may be able to claim them as a tax deduction.
7. Tools and equipment
Items purchased to help you in your job can be claimed, including calculators,
computer software or protective products such as sunscreen or sunglasses for
working outdoors. As a rule of thumb, if these items cost $300 or less, you can claim
a deduction for their cost. If they’re over $300 you can claim a deduction for
depreciation.
8. Conferences and seminars
Just like work-related studies, you can claim the cost of going to a seminar,
conference or workshop as long as they’re part of your job. This covers travel costs
to and from the venue and the price of the conference itself.
9. Your NDP membership
That’s right – being an NDP member could mean a bigger tax refund! As well as the
cost of joining professional associations such as NDP, you may be able to claim a
deduction on union fees. Just hang onto your member statements as proof for your
claim.
10.
Cost of managing your tax
If you see an accountant or tax agent to organise your tax return, any fees paid may
also be tax deductable. You can even claim the cost of travelling to your tax agent
(limits apply) as long as you’re seeing a registered tax advisor. Visit the Tax
Practitioners Board website for a list of registered advisors.
Checklist: The golden rules of tax
Use our list to make sure you’ve ticked all the boxes for making a legitimate tax
claim.
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I paid for this expense in full and out of my own money
This expense is directly related to my job
I have proof of this expense (E.g. receipt, bank statement, bill)
I have not already been reimbursed for this expense by my employer
Did you know?
Most Aussies are in the dark when it comes to claiming work-related expenses.
Nearly half (40%) say they don’t know petrol can be claimed, followed by drycleaning uniforms (38%), office furniture (36%), stationery (35%), and
computers/laptops (30%).
Source: Officeworks
Useful links:
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Round-up of tax deductions you can make:
https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-youcan-claim/
How to choose the right accountant: https://www.moneysmart.gov.au/lifeevents-and-you/life-events/choosing-an-accountant
Download the Australian Taxation Office App to organise your taxes on-thego: https://www.ato.gov.au/general/online-services/use-onlineservices/general-services/ato-app/
Disclaimer
This factsheet is intended to provide general information only and should not be
relied upon as legal advice. To discuss your personal circumstances, see a
registered tax advisor or lawyer.
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