Tax Time… Make it Worthwhile
Completing your tax return doesn’t sounds like the most entertaining task to do but if done correctly you may actually end up with more in your pocket.
Most people are unaware of what they can and can’t claim in their tax return. This means you are either missing out on potential deductions, or worse, you are actually breaking the law and potentially you could end up with fines or owing the ATO.
I have provided a really brief list of some of the main deductions to look for;
– Work Related Deductions – These are being monitored by the ATO currently given there has been a 16% increase in these claims. Depending on your occupation, potentially you can claim back significant expenses that have been incurred in creating an income. Especially if you are self-employed.
– Car Deductions – If you use your car for work there are many different ways you can claim back depreciation, fuel and expenses.
– Depreciation – If you buy an asset you can potentially depreciate the asset of several years. This can be a property (huge deductions for new) or even a computer.
– Cost of Advice – If you pay for an advisor and/or tax accountant these expenses can also be claimed if they are for ongoing advice.
– Interest Costs – If you have borrowed money for an investment you can claim the interest as a tax deduction.
These are just a few deductions available. Even if you can’t claim any this year, it is best to get advice of what you can potentially claim next year so you can manage your affairs to make the most of your tax time. Remember it is tax deductible!