Top 5 “forgotten tax deductions”
Take a look below – do any of these deductions apply to you? Are you keeping proper records to make sure you get the best possible tax refund?
1. Cost of managing your tax affairs
Did you use a tax agent to prepare and lodge your tax return last year? If you did, then you can claim the amount you paid on this year’s return.
2. Union/Membership fees
Are you part of a union? How about a membership body related to your profession? If you pay union or membership fees and they are related to your current occupation then you can claim the cost of these fees
3. Work related Car Expenses
If you use your car for work, it’s possible that you could claim work related car expenses on your tax return. To claim these expenses you should know or estimate your ‘business kilometres’ travelled.
There are several methods for calculating your work related car expenses. Depending on your personal circumstances, one may be better than the other.
4. Home computer use
Do you ever find yourself working from home? How about checking and responding to your work emails in the evening or on the weekend? If you do, then you may be able to claim the cost of using your personal computer as a tax deduction.
Internet Expenses:
If you ever work from home and you have your internet connection in your name, then it’s likely you could claim your Internet expenses as a deduction. How? Simply estimate your monthly work use as a percentage of the total household use.
5. Mobile Phone Expenses
Do you use your mobile phone for work purposes? Are you sometimes required to call clients or other staff members on your personal mobile phone?
If you answered yes, then you can claim these cost of these calls as a deduction on your tax return.
Remember you can only claim the cost of your work related calls, not your entire phone bill.
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