Nine ways to boost your tax return | jess_irvine
Taxes are your ticket to a well-functioning democracy. They pay for some pretty great stuff, such as schools, hospitals, trains and help for those less fortunate .However, with the cost of living on the rise, it is more important than ever to make sure you’re not paying more tax than you need to.
“You can’t go claiming your mini Chanel purse,” warns Helen Francis, principal at TY Francis Accounting & Advisory. Still, you are legitimately entitled to make a claim for car travel related to your work . This can include travel from your office to an off-site client meeting, for example. Or direct travel between two jobs that you hold. Or travel to a work-related conference.
Did you know that sex workers, for example, can claim the cost of lingerie used in producing income? Google “ATO and Occupation and industry specific guide” or clickDuring the pandemic, the Tax Office introduced a simplified working-from-home claim method, equal to 80¢ per hour worked from home. “But in most cases I’ve seen – and I’ve lodged 4000-plus returns during the COVID period – reverting to the old 52¢ per hour WFH method for electricity and decline in value of furniture works out better, with a percentage claim on top for internet, phone and computer consumables.”If you have an investment property, you can maximise this year’s tax bill by paying in advance for expenses such as strata fees, insurance or necessary repairs on your property, or properties.