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What can you claim on your tax return?
Now that we have entered the new financial year, everybody is thinking about the taxes. It is a bit daunting task for most of the tax payers to put together the information required for claiming work related expenses and figuring out what can be claimed.
Below is some information that will help you to get organised for claiming work related expenses on your tax returns:
• Work related car expenses can be claimed by one of the four methods prescribed by the ATO if you use your car for work purposes, however please not travel from home to work place and vice versa cannot be claimed.
• Any travel expenses such as fares, accommodation, meals etc.
• Expenses for purchase of compulsory uniform, protective clothing, safety shoes etc and the laundry expenses as well. If you work outdoors, you are entitled to claim expenses for buying sun protection such as sunscreen, hard hats etc.
• Telephone, internet etc for the work related use.
• Union fees or subscriptions
• Self Education expenses for a course related to your income producing activity.
• Home office expenses.
• Any interest payments or other investment expenses.
• Expenses incurred for payments to the tax adviser for the prior year returns.
• Superannuation contributions.
• Net Medical Expenses over $2,060.00, this includes expenses for you, spouse or any dependants.
• Any other expenses you might incur in relation to your income producing activity.
For financial year 2011-2012, there is no need to make a claim for Education Tax Refund and it has already been paid to the eligible taxpayers in June 2012. No records are required and ETR will be replaced by Schoolkid Bonus in January 2013. Call us today to find out more about it.
Want to find out more about what you can claim specific to your industry? Contact Sunny from MAS TAX Accountants Cranbourne on 1300 664 796 to make an appointment and we will ensure that you get the maximum tax refund possible.
Author – Sunny Kaur, MAS TAX Accountants Cranbourne