It is the perfect time to start discussing tax deductions, especially the ones which are always forgotten by taxpayers. There are a few deductions which you can claim, which are often forgotten. Today we will go through the top five easy-to-forget individual tax deductions, so you don’t forget to include them this year.
- Tax agent expenses
In case you don’t already know, the fees you pay for a tax agent are also tax deductable. For example, if you use Syndeo Group or another tax agent, you can include the amount you paid in this year’s tax return.
- Union or membership fees
If you are a part of any union, or a membership related to your profession, you can also include these expenses in your tax return. For example, if you pay for a work related union or any membership related to your job, you can claim back the total amount back for these fees.
- Work related car expenses
If you are using your own car for work related reasons (apart from going to work and back), usually you can claim fees for car maintenance and fuel as a tax refund. You can claim expenses for driving between offices, moving from one work site to another or some kind of special work related trips, such as trips to the bank or the post office. Please note that you can’t claim trips to your work and back home, unless you are transporting some heavy equipment required for your job.
- Mobile phone fees
If you use your personal phone to make work related phone calls than you can claim mobile phone fees as a tax deduction. Please note that you can claim only work related call fees as a deduction, not your entire phone bill.
Our advice is to keep a logbook for when you make work related calls, and then you’ll know the average percentage of how much you use your phone for work.
- Home office expenses
Depending on your job, you can sometimes find yourself working from home. If you do so, you can claim the cost of using your personal computer. The ATO allows you to claim part of home office expenses if you occasionally work from home.
Also, if you are a home-based employee or self-employed, you can claim the occupancy costs of your home based office as a tax refund. These expenses include software, office furniture, work equipment and percentage of your electricity and rent.
The bottom line is, even if these deductions seem small and not important to you at the moment, they can save you a decent amount of money. So, think of these deductions before filing your annual tax refund.
Need help with your tax refund? You’re in luck, as Syndeo Group is always here to help. Syndeo Group offers professional taxation and accounting services in Queensland and the surrounding areas. So, if you need any kind of help with your tax deductions, do not hesitate – contact Syndeo Group today!