What can I claim on tax
Tax times always come with many expectations especially when you made a lot of expenditures during the fiscal year. As an income earner, you may often find it hard to get around these expenses in order to determine which one can be deduced from your tax. Don’t worry; you are not alone. There are so many people out there who have no actual knowledge of the expenses they can claim when completing their tax returns. The purpose of this article is to help you identify those things you can claim on tax so that you are able to get the allowable amount as a refund.
There are certain expenses that are work related which you can claim for yourself when completing your own Tax Return Circular Quay . These expenses include every expense you made while at work that was not refunded by your boss. That is why most taxpayers keep an up-to-date record of all the transaction made during the year especially those that involved their own personal money. Here are some of those expenses you can claim when completing your tax return as an employee:
You can also claim donations. The standard is that you can get a tax back for every donation you make that is above $2 . There are other conditions attached to donations besides money. According to the Australian tax office policy, you can claim a gift for certain donations depending on the kind of organization involved. It is of high effect to note that not every donation can be claimed especially those you gave it voluntarily to some individuals. Such donations do not usually have any kind of receipts attached.
You can claim for any amount spent in buying work related clothing, including the cost of cleaning it. These may include uniforms, personal protective clothing, or accessories that are needed in your work place. If these items were not provided in your office, getting them with you own money without being reimbursed by your employer means you can claim them.
In the case where the company you are working with pays you some allowance to take care of such things, then you are required to indicate the amount when completing your return so that the Australian Taxation Office knows about the money provided by your employer for such expenses. Deductions from your tax is directly related to income from work.
There are certain claims you can make on travel and mobility. You can claim for vehicle you use to transport yourself to work related meetings and in general work related travels. This is mostly applicable the vehicle is not provided by the company you are working for. Please relevant section on travel and vehicle expenses so that you know the deductions that are applicable to you.
Another thing you can claim for in your tax deduction is personal education that is work related. There are certain expenses you can include while making such claims. Note that it is not in every situation that you are required to claim for your personal education especially when it does not apply to your job. Refer to the ATO’s official page to find out more about tax return claims involved in your education.
Working from home
If you are required to be working from home, whether long term or short term, then you can claim for home office expenses on furniture, computers and internet, phones and calls, air conditioner, in addition to any other facility that may be relevant to your work. You can include such items in your tax return especially when they start to depreciate. Also remember to include the cost for making repairs and the general maintenance of your home office. Everything you intend to claim in your home office is required be something that is used for work not for personal use. When in doubt, you can seek professional help from Tax Accountant Barangaroo area.
There are so many other things you can claim for when applicable. Some of them are deductions on your investment income, cost of managing tax affairs, subscriptions, union fees if you belong to one, meals, books, amongst others.
In fact the list is very long. Make sure you read through each category of expenses you can claim on the official website of the Australian Tax Office. When confused about anything, quickly get help from a certified and registered Tax Agent Barangaroo . Do not leave any stone unturned when filing your tax back; after all, it is related to your income and your expenses.