With Tax time near us again, you might want these deduction
tips from the best Tax Agents in Melbourne. Your tax returns will depend on
your source income from work, investments, governmental assistance like JobSeeker/
JobKeeper payments.
The other thing that will affect your tax returns is whether you have any work-related expenses, from travel to any special clothing you might have bought in case you are working from home.
Following are some things you’d want to consider before you file your taxes for the year ending 30th June 2021 – straight from the best Tax Accountants in Melbourne.
First thing is first, following are some things that you need to keep ready before you start your application:
- Your Tax File number
- Your bank account details
- Income statements from your employers
- Payment info from Centrelink relating to any relief packages
- Details of source of additional incomes
- Receipts for the expenses you’re claiming
- Private health insurance – if any
- Receipts of charitable donations – if any
Most of your tax deductions will be work related purchases. Work related expenses are only deductible if your employer hasn’t reimbursed you for it already. Here’s a quick list of work-related tax deductions:
Vehicle and travel expenses
- Uniforms as well as any occupation specific and protective working clothes, includes footwear and PPE.
Work from home expenses such as electricity, phone and internet bills.
Education costs that are related to your job such as fees for a course, books, or subscriptions.
Tools and equipment’s such as sunglasses and sunscreen if your work demands you to be outdoors or a laptop and a relevant software if you work from an office or home office .
ATO is very strict at the moment for any claims or deductions regarding work. So please retain all the receipts for the claims made.
For more information relating to the deductible items related to your field of work, please see “occupation and industry specific deductions guides” available on the official ATO website.
