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August is upon us which means we’re well and truly into the new financial year. Are you putting off doing your tax return because you’re not quite sure where to start? Don’t worry – we get it. Doing your tax return can definitely be intimidating! The good news is that if you do it right, completing your return can often result in some extra cash in your wallet! So what are you waiting for? The trick is making sure you claim the deductions that are relevant to you.
To get you started, we’ve compiled a list of the most commonly missed deductions that MAY be applicable to you. Since tax returns vary from individual to individual we recommend that you consult a qualified and accredited accountant before submitting your return. Engaging an accountant to assist with your tax return is less expensive than you might think and it can often result in a larger refund than if you had completed the return on your own.
Our breakdown of the most commonly missed tax deductions:
- Professional membership fees for any associations or organisations that are relevant to your work
- Income protection insurance – this applies to non-super fund payments only.
- A portion of your Home Internet (depending on how often you use it for work)
- Subscriptions to software or magazines that are relevant to your work
- Mobile Phone costs
- Motor Vehicle Expenses (if you use your vehicle for work purposes)
- Your Computer
- Professional Courses or education
- Donations (provided the charity has DGR status)
- General home office expenses
- Depreciation of work-related assets such as your computer
- Interest on any loans taken out for the purpose of your business
Can’t be bothered combing through all your expenses? Luckily that’s what we do best. Get in touch with the Rising Tide accounting team today to arrange an obligation free appointment and we’ll turn your tax return around for you in a matter of weeks.