If you haven’t done your tax yet you only have a few more weeks up your sleeve. If you’ve been working hard reducing your debt by budgeting and tracking your financial dealings all year, you’ll have all you need to scour through your spending and find potential rebates that you may not have thought of. Here are a few tips to consider before submitting your tax return. We’ve linked individual pages to the ATO for more information however, be sure to get independent advice as tax situations can vary for different individuals. You have up until the 31 of October to self lodge your tax return.

1. Documentation

Have you compiled your pay as you go (payg) summary? Invoices, receipts, bank statements all showing the interest earned, tax paid etc will come in handy as you sort your expenses by category and place it on a spreadsheet.

2. Professional Development Expenses

Expenses which you incur while educating yourself in your professional field is generally deductible. Include course fees, books, administration fees, etc.

3. Deductible Home Office Expenses

If you have a home office any expenses which relates to the job that generates you an income i.e. electricity, phone bills, etc. can be deducted.

4. Income Protection Insurance

Income protection insurance which relates to your income source can be claimed as an expense.

5. Book keepers and tax accountants

The cost of managing tax affairs are tax deductible.

6. Gift & Donations

Have you made any donations through out the year? Donations over $2 can be claimed but if you do make claims over $10 ensure you have your receipts.

7. Travel

You may be able to claim travel expenses you incurred for meals, accommodation and incidentals while away overnight for work. If you are using a borrowed car or a vehicle other than a car for work purposes, you may be eligible to claim costs you incur (such as fuel costs) as travel expenses. Depending on the type of travel you may need to also keep your own log book.

8. Uniform Fees, Protective Clothing and Laundry

Occupation specific clothing, work uniforms, protective clothing, dry cleaning charges can all be claimed based on your occupation. You will need receipts if you are claiming above $150.

9. Subscriptions and Union Fess

Union fees and work related subscriptions can be claimed as an expense. e.g. memberships to professional associations, subscriptions to technical magazines.

If you’re facing financial hardship we are here to talk about a solution.  Call us on 1300 887 211 or Book a Free No Obligation Phone Consultation with our friendly team and we can discuss debt management options specially focused on your personal situation.