Tax returns are complicated. There are many things that you can and can’t claim.
Work-related expenses are one category of deductions that can be claimed. They are the most common way to increase your tax refund. The more that you are able to claim, the better outcome you will be able to achieve.
Let’s have a look into the Top 4 Tax Deductions that Most People Miss:
1. Car Expenses
You may claim expenses for your car if you use it for work. This includes:
- Travelling to meetings
- Travelling between workplaces
- Travelling to clients’ premises
- Transporting goods and other items
2. Travel Expenses
If you travel around Victoria, interstate or overseas for work, you may claim these expenses:
- Car hire/taxi fares
- Accommodation
- Flights and transfers
- Meals and food while travelling
30 mins Free Consultation
In the Call, you will get:
- Review your current financial situation
- Review your current tax position
- Discuss investment goals
- Tax minimisation strategies
3. Uniforms and
Protective clothing
Some workplaces require their staff to wear a uniform. Or if you’re a tradie, you will be required to wear steel capped boots, heavy duty protective clothing and other items. You could claim:
- Uniform
- Laundry
- Protective shoes or non-slip shoes
- Safety equipment and protective clothing
- Sunglasses and sunscreen.
4. Education Expense
Sometimes you take on additional study and courses to upskill and be eligible for a promotion or raise. You could claim:
- Seminars/Conferences
- Short and long courses
- Reading materials and books
- Studying from home and its related costs like internet, computers etc.
- Sunglasses and sunscreen.
Above are the Top 4 Tax Deductions that Most People Miss. And there are some others that people miss too. Here, I am giving you a quick view on them.
5. Other Expenses
There are also a plethora of other expenses that can be claimed. Whether they are deductible is dependent on the job that you perform. Some examples are:
- Union fees and memberships
- Tools and Equipment
- Stationery
- Journals, books etc
- Phone costs
- Internet costs
- Computer expenses
- And any other expenses that are directly related to you performing your job and earning income.
Conclusion
I have shared with you the Top 4 Tax Deductions that Most People Miss. I hope that this article can help you better understand what you can claim to increase your tax refund.
If you have any question, free feel to email us at admin@privatewealthaccounts.com.au or call us at (03) 9973 5905. We are here to help.
There are a lot of expenses that are potentially deductible. Unfortunately, most people only know of the basic deductions. Not claiming everything you are entitled to means less money in your pocket (or if you are payable – more owing)!
The ATO is smart. Well, at least when it comes to recognizing if you have claimed too much. This year they will see more details than ever about what exactly you are claiming. If you claim something you are not allowed to, you are actually putting yourself at a greater risk of audit and potential penalties.
An accountant can tell you what you can claim and what records to keep. On top of that, a trustworthy 
Do you know that an accountant’s fee is tax deductible? I bet you don’t. Let me tell you this. You can get money back after paying an accountant to maximise your claims, reduce your chance of audit and make your life easier. And it’s completely legal!
The sad fact is that sometimes you will owe the ATO money at tax time. Having an accountant lodge your return will generally mean you have more than 6 months extra time to file your return and pay any amount owing. That’s half a year the money could be in your pocket working for you.