Tax returns can be completed from 1 July. Here's everything you should do to get organised.
On 30 June, the 2023-24 financial year will end, which means it's time to start thinking about preparing your tax return. The Australian Taxation Office's requirements and restrictions regularly change, so it's important to ensure you lodge your tax return on time and claim everything correctly to avoid a hefty tax bill or fine.
"Just remember that if your work pays for them, you can't claim them as a deduction," Ord added. Other common expenses include a work phone, subscriptions and union fees, and travel expenses between worksites or client locations — but not the commute to and from home. He said those who drive a motor vehicle for both business and private use must be able to correctly identify and justify the percentage they claim as business use.
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