Well, the weather is starting to feel wintery and the end of the financial year is coming closer. This means it’s that time of the year again when we need to start thinking about our Tax! Do you know what you’re able to claim back on your Tax Return? It’s important to understand exactly what you can and can’t claim to help you get the most from your return.
Here are some handy hints from our tax and accounting experts to give you an idea of what you may be entitled to.
WORK RELATED EXPENSES
Things to remember when claiming your work-related expenses:
The expense you are claiming must be work related and not a private expense. If you have been reimbursed by your employer for the expense, it cannot be claimed.
Receiving an allowance from your employer does not automatically entitle you to a deduction.
If your claims total more than $300 you need to keep receipts for the amounts claimed as evidence.
EDUCATION TAX REFUND
If you have purchased equipment like computers, textbooks or stationery for your children’s schoolwork you can take advantage of the 50% education tax offset.
You qualify for the Education Tax Refund if you have one or more children that are registered or enrolled in a primary or secondary school and;
• you received family tax benefit Part A for your child
• a payment was made for your child which prevented you from receiving FTB Part A
• your child stopped full-time school during the year and received income over the cut-out amount which prevented you from receiving FTB Part A for the child
CLAIM YOUR CHARITABLE DONATIONS
Don’t forget any charitable donation that is over $2 is tax deductible but you’ll need a receipt to claim for the donation.
UNDERSTAND YOUR OFFSETS
There are a lot of offsets available and it’s a good idea to check whether you are eligible for one. These include the dependant spouse tax offset, private health insurance rebate or medical expenses over $2,000. You can find out more about the offsets that are available here.
If you can’t find a receipt but know where you spent the money, see if you can obtain a second copy of the receipt or invoice. Statements from your financial institution showing details of purchases and electronic transfers can be used in some instances in lieu of receipts.
If you want to make sure you don’t miss out on any entitlements, deductions or rebates, we offer a tax and accounting service through our subsidiary, Eastwoods Accounting and Taxation. There is also a taxation checklist available on our website to guide you through.
To make an appointment with one of our professional tax accountants please contact us.
John- Executive for Professional Services
Eastwoods Accounting and Taxation Pty Ltd ABN 32 008 214 033 is a subsidiary of Eastwoods Group Pty Ltd ABN 94 008 618 193 which is a subsidiary of Community CPS Australia Ltd ABN 15 087 651 143 AFSL/ACL 237856. Eastwoods Tax & Accounting services are available in SA, ACT & WA only. This information is general in nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, we recommend you consider, with or without the assistance of a licensed professional, whether the information is appropriate in light of your particular needs and circumstances. For more information, please visit the Australian Taxation Office website.