Double check your deductions
Date posted: Thursday, October 23, 2014
For many, tax time is just a painful reminder of why the word ‘taxing’ exists. The looming BAS deadlines are often a source of frantic stress and for others it’s a veritable bonanza. Working out what you can and can’t claim and how much is deductable can be the difference between getting a great refund or not. A common question we field at Pakenham Taxation and Accounting is…
How do some people manage to get such great refunds when others don’t?
Mainly, they know exactly what kind of tax deductions they’re eligible for and understand how to work the system to their advantage.
While you always need to keep personal and work expenses separate (and the ATO is currently cracking down on suspicious returns), you’d be surprised what you can claim, depending on the kind of job you have.
For example,
- Journalists can claim on sunglasses if they work outside
- Performers can claim stage make up and tinted contact lenses
- Workers in the adult industry can claim back on lingerie
- Policemen can claim bulletproof vests and
- If you work from home you can even claim on energy bills.
Even if you have a stock standard office job, it’s definitely worth checking out the ATO’s full list of deductible expenses, separated into the needs of each industry.
And remember, keep all your receipts in one place so next year isn’t the stressful scramble is usually is!
Contact us for support on how to get the biggest refund within your entitlements and to manage your tax accounting better.