Everyone wants to know what they can claim in their Tax return. Honestly its one of my favourite parts of being a Tax Agent, trying to find deductions the client wasn’t aware of. I love it. I love finding ways to maximise your tax benefits and getting you closer to your financial goals. Work related expenses are the most common deductions for Individual taxpayers. These will vary industry to industry and person to person as it must be relevant to you. The Australian Taxation Office have given these guidelines to help claim; 1. You must have spent the money yourself
2. It must be related to your job
3. You must have a record of it. There are some very detailed lists on the Australian taxation Office website for Specific Industries. Work related deductions are also a focus this year for the ATO to review and check. Every Return is reviewed to highlight areas for attention on Work related expenses, comparing them to other taxpayers in this industry. This year in particular they are focusing on work related travel, and expenses that have been reimbursed by employers. Not sure what to claim? Check out my checklist here. Or speak to your accountant to ensure you are claiming everything you can. Make an appointment today.