Are you ready to lodge your tax return?
15 August, 2022

Are you ready to lodge your tax return?

If you are ready with your tax information, you may be better off lodging your tax return sooner than later this year.

Doing taxes earlier will allow faster refunds, and extra time for payment of taxes (if payable), and moreover will help you to stay on top of your finances.

Remember! according to ATO, to claim a deduction for a work-related expense, you must meet the 3 golden rules:

  1. You must have spent the money yourself and weren’t reimbursed.
  2. The expenses must directly relate to earning your income.
  3. You must have a record to prove it (usually a receipt).

If the expense was for both work and private purposes, you only claim a deduction for work-related use.

You can’t claim a deduction if your employer pays for or reimburses you for any of these costs.

You may also be able to claim a deduction for “other expenses” you incur that don’t relate to your work or income-producing activities such as:

Please note, that you need to keep records for most expenses when you claim a deduction.

If you are ready with your tax information and need help to maximise your tax deductions, get in touch with us

Disclaimer: This article is provided as general information only and does not consider your specific situation, objectives, or needs. It does not represent accounting or tax advice upon which any person may act. Implementation and suitability require a detailed analysis of your specific circumstances. Before taking any action, consider your own circumstances and seek professional advice.

Please contact us for advice specific to you and your circumstances.

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