You’re so busy with life in general that all you want to do is get your tax return done as soon as possible. But your haste can cause you to lose money. Don’t forget to claim these in your next submission.
Education expenses
Yes, your education can pay for itself! You can claim expenses in this category from small workshops to Certificates and Diplomas. However, you can only claim these as deductions if it helps your current employment situation.
Other criteria for claiming this expense is if it helps you maintain or improve your current skills, or helps you gain a promotion at work.
Overheads
Ongoing costs you must pay to maintain your business are also deductible. If you have a bricks-and-mortar presence, you can claim utilities and cleaning.
Laundry
Yes, you can claim the dry cleaning…but only if it applies to your uniform or work clothes. It pays to look good but you can get paid back!
Travel
You can claim a decent amount of money here if you travel for your job. Track your expenses to claim or include your work allowances as part of your income.
You can also get money back on your car expenses if you use your vehicle for work. This includes going between work and meetings, transporting equipment, and travelling back and forth between different offices. You can’t, however, claim travel between work and home because it’s considered ‘private’.
Financial services
Yes, money back through your own tax return! Materials purchased in order to prepare taxes, reference materials, and tax advice meetings are deductible. Lodgement with a tax agent can also be claimed.
Depreciation
Items get older and depreciate in value. That why nobody sells a 10-year-old car for its original purchase price. You can claim the decline of certain products in your tax return, like your office furniture and computer.
Tips
- Keep as many receipts as you can.
- Go over your credit or debit statements and pick out the expenses that apply to work. To make it easier for review, place them in a spreadsheet.
Read more, it’s good for you;
The differences between a tax agent and an accountant
Why you should spend more to earn more on your rental property
