With the end of the financial year approaching, it is a good time to start gathering receipts to make sure you claim every dollar to which you are entitled in your income tax return.
While some deductions are well-known, there are some, mostly work-related deductions, that can be easily overlooked, says Mark Chapman, director of tax communications at H&R Block.
You should make sure to claim every cent to which you are entitled in your tax return.Credit: Jim Rice
There is still time before June 30 to buy a handbag, briefcase, satchel or backpack which, if they are used for work to carry your laptop and work papers, should be claimable as work expense deductions in your 2023-24 tax return, Chapman says.
Sunscreen, sunglasses and hats can be claimed if you are required to work outside, such as a builder or gardener, including teachers on playground duty and sports training.
You can claim deductions for the purchase and laundering of occupation-specific or protective clothing or distinctive uniforms and for protective boots and protective glasses, and hard hats and helmets, gloves and so on.
Professional subscriptions can be claimed. These are where you are a member of a professional or trade association as part of your work, and also includes union fees as well as subscriptions to trade or professional magazines.
The rate for claims on car travel that is for work has increased to 85¢ per kilometre from 78¢ last financial year. Alternatively, you can claim actual expenses provided you keep a logbook for 12 weeks and substantiation, such as receipts or invoices, for the expenses, such as fuel, oil, servicing and insurance.
Easy-to-miss deductions that could reduce your tax this year
17
1
23.04.2024
With the end of the financial year approaching, it is a good time to start gathering receipts to make sure you claim every dollar to which you are entitled in your income tax return.
While some deductions are well-known, there are some, mostly work-related deductions, that can be easily overlooked, says Mark Chapman, director of tax communications at H&R Block.
You should make sure to claim every cent to........
© The Sydney Morning Herald
visit website
login
who are we?
contact us
qosheapp
Toi Staff
Gideon Levy
Belen Fernandez
Rami G Khouri
Mort Laitner
Ali Fathollah-Nejad
Nikkei Editorial
