Lots of Australians each year lose money just because they forget their work related receipts or deductions for many items they can claim. Luckily, Syndeo Group is always here to give the best advice possible and help you achieve your financial goals. They are one of the most experienced companies in Queensland, offering financial assistance and professional accounting and taxation services.
There are many different ways you can improve your tax refund. Each year, millions of dollars are lost by taxpayers, simply because they didn’t make the most of their tax return.
One of the best strategies for getting your tax refund is proper tracking and claiming of tax deductions. Also, be very careful with adding fictional claims to your tax return, as ATO has a special new technology which can easily track inaccuracies.
Let’s take a look at some most under claimed, but very legitimate tax deductions:
- Home office costs
If you have a home office, and you need to work from home, you can still claim up to 45c per hour tax refund.
- Car expenses
Car expenses are often forgotten, but they add up very quickly. Don’t leave them out of your tax return.
- Travel expenses
Always keep record of your work travels, and all the receipts of your travel expenses, as you can claim tax refunds for any work-related trips. Also, if you receive travel allowance from your company, you must include that amount as income on your tax refund.
- Union fees & Income protection insurance
If you are a member and you pay union fees, you can claim a tax refund, as well as if you pay insurance for income protection, you can claim the fee as a tax refund.
If you hired a tax agent to do your tax return instead of you, you can include the price you paid as a tax deduction.
- Tools & Technology
Any technology, tools and equipment which are used or are a requirement of your work can be claimed as a tax deduction.
You should keep a diary of everything work related, as well as all the receipts. Your diary may look like a simple list with expenses, date, amount and description, plus the receipt.
If you want to get the best possible tax refund, just keep track of everything you spend work related. Keep everything, even if you are not sure if you can claim them.
Sound too complicated? No worries. Just contact Syndeo group and book your appointment today!