According to a quote released on ABC, Rebecca Morgan, an accountant from the National Tax and Accountants’ Association, there are a number of common things that people either forget or don’t know they can claim for on their returns.
Any donations you make over the course of the tax year are fully deductible. You must keep a record and obtain receipts to be able to prove this.
2. Union Membership Fees
If you a member of a union or any type of membership body that is connected to your profession, then can claim back the total cost of these fees as part of your tax return.
3. Income Protection Insurance
Not to be confused with life insurance, income protection insurance is something that many people have yet fail to include as part of their tax return. Also referred to as ‘salary continuance protection’ it can help you to cover your expenses should be unable to work. If you have this through superannuation, then you cannot claim for this, but if you pay an additional premium for income protection insurance, then you can.
4. Accountant Costs
If you paid fees to a tax agent to help you prepare or lodge a tax return, then you can also include these fees as part of your tax return claim. This is filed under ‘the cost of managing tax affairs, in section D10.
5. Work-Related Car Expenses
If you are asked to use your car for any work-related reasons, other than driving to your regular place of work, then you can claim both fuel and maintenance costs as part of your tax return claim. You will need to own the vehicle, and your travel must form part of your regular working day.
6. Home Office Expenses
If you ever work from home, which includes checking and responding to work-related duties during weekends or evenings, then you can also claim some additional costs as part of a tax-deductible. If you work from home more often, then you can also claim the occupancy cost of your home as a tax deduction too.
Although some of the costs of these items might seem fairly small, over time, and over the year, they can all add up. It’s best to keep regular track of your work-related tax expenses and make the process of getting your 2019 return done easier and quicker.