Tax time may still be a few months away, but it would be good to plan your tax returns Australia as early as now. When preparing your tax returns, it would also be a good idea to plan about your deductions. This especially includes the deductions taxpayers can claim but are often forgotten by most people on their individual tax returns Broome.
To make your life easier, here are the top five forgotten tax deductions you need to look into so you can have maximised tax benefits:
1. Membership / Union Fees
Are you a member of an organisation related to your profession? Are you part of a union? If you pay such membership or union fees, and these organisations are related to your current occupation – you would be pleased to know that you can claim these costs as tax deductions.
2. Tax accountant’s fees
When you use the professional services of a tax agent or a tax accountant to get your tax returns Australia prepared and lodged – you can claim these fees as tax deductibles, as well.
3. Car expenses
Another good news for taxpayers who use their cars for work is that you can claim these car expenses on your tax returns Broome. For you to be able to claim these work-related car expenses, you should be able to estimate the business kilometres you have travelled.
According to the Australian Taxation Office, business kilometres are defined as the kilometres you have travelled using your car to earn income. You need to keep in mind though that the car should belong to you, and you can’t claim the costs incurred when travelling from home to work or vice versa.
To calculate these expenses, to make sure that you’re on the right track, and to have the peace of mind knowing that your tax returns Australia is accurate and correct – it would be good to consult your tax affairs with a registered tax accountant.
4. Home computer use
Do you check and respond to your work emails on the weekend? Do you work from home in the evening? If you do, here’s another good news: you can claim the cost of using your personal computer as tax deductible. Let your tax accountant know about these work from home activities so you can discuss how to go about your tax returns Broome.
Don’t forget to include your internet expenses when you keep a record of your home computer use expenses – as you can claim these as a deduction, as well. All you need to do is estimate the time you spend working from home every month, then use these percentage against the total household use.
5. Mobile phone expenses
Do you use your personal mobile phone to call clients or get in touch with staff members? If you do, you can actually claim these costs as a deduction on your tax returns Australia.