As we edge closer to the end of the financial year, our thoughts drift to how we can get the most out of our tax return. Tax minimisation is about making the most of your claimable deductions to receive the best tax return you can. The best way you can ensure to get the most out of your tax return is to engage a qualified accountant. Zac and Laura at HA Accounting can help you highlight the deductions you are eligible to claim.
Tax minimisation deductions can include:
- Home Office expenses: If you work from home you can claim the cost of running your office. These can include electricity, heating and any home office equipment you have purchased.
- Work related expenses: Mandatory safety clothing, uniforms and laundry expenses, study in addition to materials and tools.
- Car related expenses: Do you use your car for work? You are eligible to claim certain aspects, including kilometers traveled, maintenance, petrol, cleaning, insurance and lease payments.
- Depreciation: You can claim the depreciation on any equipment you have purchased. This also includes investment property expenses such as white goods to claim as a deduction.
- Equipment write-offs: Do you have old stock or equipment you cannot sell before the end of financial year? You may consider writing it off and claim it as a tax deduction.
- Superannuation contributions: Are you self-employed or make optional super contributions? You can claim these as a tax deduction.
- Self education expenses: Are you undertaking any self education courses? The cost of those courses are able to be claimed. Keep receipts of any tuition fees and course materials purchased.
Lastly it is important to keep the receipts for all claimable purchases. If you would like to discuss this further please contact us to book in for a free initial tax consultation.