Are you making the most of your allowable tax deductions? Individuals can claim for general work-related expenses as well as occupation-specific expenses and working from home. Book a time now - we’ll help maximise your return.
Although your tax return is not due for a few months yet, the end of the financial year is here…
Have you captured all your work-related deductible expenses to make the most of your 2020 tax return?
The Australian Taxation Office (ATO) automatically receives information from your employers about salary and wages that you have been paid for the financial year. You need to declare all income from other sources on your tax return as well.
Wages and salaries from employment
You will need:
Employees are entitled to claim work-related expenses as a tax deduction. To claim a tax deduction, you must have spent the money out of your own funds and not have been reimbursed by your employer. The expenses must relate to your earnings as an employee. Make sure you have invoices and receipts as proof of payment for any work-related expenses.
Expenses you may be able to claim
The ATO recognises that some occupations and industries have specific requirements that employees need to pay for. There are handy ATO fact sheets for many industries, including hairdressers, teachers, performing artists, hospitality workers, lawyers, medical professionals and more.
These guides are a great starting point if you are not sure what you can claim, but we can give you information tailored to your situation when you do your tax return.
If you have made personal superannuation contributions separate to your employer’s superannuation guarantee contributions, you may be able to claim this as a tax deduction. You will need to provide a notice of intent to claim form to your super fund and receive acknowledgement from the fund before doing your tax return.
Book a time with us now to prepare for your tax return and we’ll make sure you maximise your allowable tax deductions this year. Contact Us:
We are here to help, contact us today:
Brew Accounting Pty Ltd
Phone 0405 027 250 | Web brewaccounting.com.au
Suite 7/104 Crown St, Wollongong NSW 2500
Content originally published by BOMA. We have updated some of this article for our readers