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. Here are some of the top tax deductions available to help you to boost your tax return. | OPINION by Jessica Irvine budgeting ...
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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nine ways to boost your tax returnWith 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. Here are some of the top tax deductions available to help you to boost this year’s tax return.
Read more »
Victorian government to give almost $2.7m to AAP to boost regional mediaThree-year deal will support the newswire’s service to regional newspapers and radio bulletins throughout the state
Read more »
Victorian government to give almost $2.7m to AAP to boost regional mediaThree-year deal will support the newswire’s service to regional newspapers and radio bulletins throughout the state
Read more »
When your colleague’s controlling behaviour gets out of controlStay calm, professional and stick to the facts: There’s ways to address your co-worker’s loud and rude manners.
Read more »
‘A huge tick’: Build to rent boom spreads to the burbsMeredith and Jack have just moved into the build-to-rent Home Southbank apartment building which is professionally managed, leased and owned by one company melbourneproperty
Read more »
Boom not bust: Queensland enjoys tax windfall from property, miningTreasurer Cameron Dick last forecast a budget deficit of $2.4 billion for 2022-23 but is now confident of a much smaller number.
Read more »