Tax Claim Tips!
Posted by Darren July 21, 2017
The new financial year has rolled around and ‘tax time’ is well underway! If you are getting your receipts together, below are some helpful hints direct from the ATO as a guide for your claims!
Test your tax time knowledge! Here's a list of 10 deductions you (probably) can’t claim:
1️- Travel between home and work.
2️- Car expenses for transporting bulky tools or equipment, unless they’re required to do your job, your boss needs you to transport them, and there’s nowhere to store them at work.
3️- Car expenses that have been salary sacrificed.
4️- Meal expenses for travel, unless you were required to work away from home overnight.
5️- Private travel. Taking a work trip that includes personal travel? Claim the work-related portion only.
6️- Everyday clothes you wear to work (eg a suit or black pants). To legitimately claim a uniform, it needs be unique and distinctive.
7️- Higher education contributions charged through the HELP scheme.
8️- Self-education expenses if the study doesn’t have a direct connection to your current job.
9️- Private use of phone or internet expenses.
10- Up-front deductions for tools and equipment that cost more than $300. You’ll need to spread these deduction claims over a number of years.
If you have questions about your claims, be sure to bring your receipts along to your appointment, and your accountant will confirm for you.
It is also a common misconception that all tax returns must be lodged by 31 October 2017. That is only true if you have previous outstanding years to be lodged! Otherwise you have until 15 May 2018 for one of our friendly accountants at Wards to assist you in completing your return.
Find out more and get your claims right https://ato.gov.au/deductions
To book your tax time appointment, let us assist you on (02) 4655 9247.
The above information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs. Wards Accounting Group Pty Ltd (ACN 105 280 831) ABN 32 105 280 831 is a Corporate Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361