Make sure you are maximising your end-of-year tax position by claiming all relevant expenses. There may even be expenses that you didn’t realise you could claim! You are not alone. With the tax filing season almost upon us here in Australia, we’ve put together a list of some of the more common expense types that people can potentially claim but often don’t.
1. Utility Bills
Do you work from home? If you do, you’re probably using internet and electricity to get online and send emails. If so, you can claim a portion of your utility costs to your annual tax return! Utilities such as wifi, electricity and phone may all be applicable.
Given the increasing demands of many jobs nowadays and the increasing global footprint of companies, people are logging on at home more often to keep on top of work and talk to overseas colleagues. Our advice? Make sure you take advantage of the tax relief when it comes to setting up office at home.
2. Self Study
It has become very popular for people to choose to invest time and money in their own personal development by doing a course. Have you undertaken a course this year (paid for between July 2013 and June 2014) that is in some way related to your occupation? If so then guess what - you can use this expense as a tax-deductible allowance in your tax return this year! Happy days!
3. Work Uniforms
Do you have to wear a uniform at work? While you may not love those crazy colours, when it comes to tax relief, it can work in your favour. Employees who have a compulsory work uniform are entitled to make a claim for acquiring and maintaining the uniform (laundry costs etc). If you have to wear a uniform at work, be sure to tell your tax agent about any associated costs. At least something good comes out of it!
4. Educational Seminars & Subscriptions
Do you have you a pile of professional magazines or trade subscriptions sitting in the office or at home? Do you attend seminars during the year? If they are directly related to your occupation at tax year-end, then they are a tax-deductible expense that you can claim to improve your final tax position at the end of the year.
5. Tax Agent Fees
With filing a tax return being compulsory here in Australia and with a huge percentage of Australians annually engaging the services of a tax agent, this expense is one that many will be entitled to but often forget about! If you paid a tax agent to lodge your 2013 return you can add that fee as a deduction in your 2014 return so be sure to let your tax agent know about this. Every little helps!
If you have any expenses that are not covered here that you would like to find out more about, please get in touch and we’ll be happy to advise on any applicable reliefs or deductions.