Declare work from home expenses

The covid-19 time has enabled the work-from-home mode for most employees. However, you can still get your tax deduction based on the home-running expenses if you work from home. Following are some applicable portions of expenses you can include:

• Stationery internet, telephone costs
• Electric costs such as lighting, cooling, heating
• Machinery depreciation
• Furniture and fitting depreciation

Declare education expenses

Besides the work expenses, students can also claim education costs such as computer consumables, stationery, internet expenses for the purpose of studying. Nonetheless, there are certain conditions to meet about your course:

• The course must be relevant to your current or future career
• On completion of the course, you must enhance your skills or knowledge necessary for your current or future career
• Your future income will increase as a result of taking the course

Claim expenses that occur for earning your income

Other than the usual expenses at work, there are some costs you can declare if they are incurred in making income:

• Travel costs
• Accommodation costs
• Unexpected costs of tools and equipment for work

Keep record of every purchase

For anything you bought in relation to your work, it is advisable to keep all the receipts to easily track and claim back your expenses. As a general rule, purchases over $300 do not require receipts to declare, but it must be work-related.

Digitalise your receipts

Nowadays, you can attach all the electronic copy of receipts when you claim your tax refund with ATO, so it is better than keeping the paper copies.

Keep it true expenses

It is recommended that you keep everything true to what you actually spend for your work or study. If ATO figure out that your expense claims are overestimated, it is likely that unavoidable penalties will apply.

Prepare your own source data

Many people tend to rely on the prefill data from ATO, which is not always accurate. We suggest that you use your source of data from your own information to ensure your data is up to date. Another alternative is to choose tax accountant like Allan & Co to assist in your tax return. We are a professional company with years of experience and expertise in tax accounting.

Accurate personal details

Make sure you check all your details are correct as one spelling mistakes can uphold your tax return. You need to keep all your information up to date with ATO (e.g., address, name, bank details) so that the tax return can be processed on time and directly to your account.

Take control

It is always better to be proactive and not wait to the tax season to start gathering all you need for the tax return. You should collect and keep all your receipts carefully in your tax documents so it can make your tax time easier and quicker.

Just contact us!

No matter how well-prepared you are for the tax season, there will always be unanticipated factors that can be hard to deal with. Pass on all your headaches to Allan & Co so we can solve everything for you at a moment’s notice. Our competent team are obsessed with clients and will get everything done quickly and securely, so don’t hesitate to come and we will give you a hand!

Source: ATO