Firstly as we are quickly creeping up to the End of Financial Year. Our thoughts start drifting towards what we can and cannot claim (tax deductions). Therefore talk to our team to make sure we get the best tax return possible. We’ve chosen a handful of industries and the top tax deductions you can claim.
SELF-EMPLOYED TAX DEDUCTIONS
Home office expenses
If you work from home, you can claim feasible running home office expenses as a tax deduction including office equipment, electricity, heating, gas, stationary, phone and internet costs. Consequently conditions apply in regards to occupancy expenses such as mortgage costs and rent so discuss the impacts of these with your accountant.
Self-Education and Super Contributions
Furthermore being self-employed allows tax deductions to be made on some self-education expenses and personal super contributions you make.
TRADIES
Vehicle and travel expenses
Additionally vehicle and travel expenses can be logged for those who use their vehicle for work-related travel (not including trips to and from home). Keep adequate vehicle logs logging each journey.
Tools and Equipment
Furthermore all tools and safety equipment you purchase can be claimed as a deduction if they help you earn an income. So keep receipts for your power tools, safety equipment and protective clothing items.
NURSES & TEACHERS
Educational Supplies
Any educational supplies you fork out of your own pocket can be claimed. Books, music, educational equipment, stationary, medical equipment – anything you use for work or in the classroom can be claimed.
Clothing and Uniform Tax Deductions
As a nurse you can claim the cost of purchasing and cleaning your occupation-specific uniform. Keep a record of your purchase and log your cleaning records.
Most noteworthy is the HECS offset for nurses and Teacher which is a separate form to be lodged to receive a rebate to help pay your HECS off faster. Due to the individual form required speak to Zac in our offices with any questions you may have.
The ATO offer a comprehensive list of the potential deductions you can claim as an individual. Be sure to check out their list and discuss all possible deductions with your accountant or us. Keeping accurate records and receipts will help ensure you get the best return possible whilst keeping the taxman happy.
Hence please contact Zac and Laura today to organise your tax return today. We will ensure all aspects are taken into consideration when submitting your return to get the best possible result at an affordable price! Lastly our 2017 Individual Tax Returns start at $99.00 over the phone, email or face to face in our Tocumwal, Albury or Strathmerton offices.