In the final instalment of our three-part series, we look at some of the common tax deductions you can claim, and what to look out for.
The major issue for clients is that to receive a tax deduction, you must have spent the money before 30 June 2019, and show that you have made the payment for the expense.
We have a more detailed fact sheet at this link if you want to read more about keeping your evidence for the expenses.
So, review your expenses, with the top 5 deductions to consider as follows:
1. Vehicle Expenses
Make sure you keep your receipts for fuel, servicing, and insurance.
2. Deductible Donations
Make your donations to charities, and ensure that the charities are Deductible Gift Recipients (DGR). Ensure wherever possible that you get your receipt in the higher earning spouse’s name.
3. Mobile Phone and Internet Plans
Review your mobile phone and internet plans for work-related use.
4. Home Office and Laundry Expenses
Review the hours that you spend using your home office and how it relates to your job. Also, consider your laundry expenses, and see if you are eligible to make a claim.
5. Sun Protection Expenses
Ensure that you have purchased any of your sun protection items before 30 June 2019 and keep your receipts. This includes sunglasses, long sleeve clothing, hats, and sunscreen. You need to link the sun protection expenses to your work and show that there is a link to the income you earn so that you can justify a claim.
Click here to download this article in PDF format.
Should you be interested in discussing any of the above further, or want to know how we can assist you, please contact the AAG team today on (08) 9227 6300 or email clientservices@ww2.austasiagroup.com.
Important information and disclaimer
This publication has been prepared by AustAsia Group, including AustAsia Accounting Services Pty Ltd (Registered Tax Agent No 7587 3005).
AustAsia Accounting Services Pty Ltd – Liability limited by a scheme approved under Professional Standards Legislation.
Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Accordingly, reliance should not be placed on the information contained in this document as the basis for making any financial investment, insurance or other decision. Please seek personal advice prior to acting on this information.
Information in this publication is accurate as at the date of writing, 30 May 2019. Some of the information has been provided to us by third parties. Whilst it is believed the information is accurate and reliable, the accuracy of that information is not guaranteed in any way.
Opinions constitute our judgement at the time of issue and are subject to change. Neither the Licensee nor any member of AustAsia Group, nor their employees or directors give any warranty of accuracy, nor accept any responsibility, for any errors or omissions in this document.
Any general tax information provided in this publication is intended as a guide only and is based on our general understanding of taxation laws. It is not intended to be a substitute for specialised taxation advice or an assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent.