There are important tax returns South Hedland key points to keep in mind so you can enjoy an easier life. It’s similar to preparing for a big exam, you get adequate sleep the night before – or when you spend a day at the beach, you put on sunscreen.
When you lodge your tax return online or offline, you should remember that having a lower taxable income means having a lower tax bill to pay. So, how do you lower your taxable income? One legitimate and effective way to do this is to claim tax deductions for certain expenses that are directly related to your work or your business.
Before you go ahead and start claiming tax deductions on your tax returns South Hedland this tax year, it would be good to equip yourself with the right knowledge. Alternatively, you can use the professional services of tax accountants in your local area to make sure you’re on the right track.
Australian Taxation Office’s Deduction Rules
When it comes to lodging tax return online or offline, the ATO has set rules which include:
1. You need to show written evidence of your claims.
2. You cannot claim expenses that you will be or have been reimbursed for.
3. You can claim expenses that have only been incurred within the same income year.
There are more specific rules you need to know, depending on the tax deductions you are claiming on your tax returns South Hedland. You should keep all the financial documents and receipts that serve as evidence when you lodge your tax return online or offline, regardless of the deductions you are claiming. If you are not too sure on how to go about things, it would be good to consult with tax accountants.
8 General Tax Deductions You Can Claim
To give you an overview as to what you can claim on your tax returns, here are 8 general expenses you need to know:
1. Gifts and donations
2. Clothing, laundry, and dry-cleaning costs
3. Travel and vehicle expenses
4. Self-education expenses
5. Dividend, interest, and other investment income deductions
6. Home office expenses
7. Tools, equipment and other assets
8. Other deductions
Each of these categories are broken down into further categories. To find out more about what you can and you cannot claim on your tax returns, discuss your tax affairs with tax accountants. When you have a tax accountant to sort things out on your behalf, you can have the peace of mind knowing that you get a maximised tax refund and minimised tax bill.