For most taxpayers, work related deductions are the most common tax deductions to be claimed. Read on to see what you can claim as your 2015 tax deductions…
Work related tax deductions include car expenses, travel expenses, clothing, laundry and dry cleaning, union fees, training and conferences, books, magazines, tools and equipment, home office expenses, telephone, internet and many more.
The ATO pays particular attention to work related deductions, often identifying mistakes and sometimes finding claims that are false, not work-related or that can’t be substantiated with proper record keeping or receipts.
In order to claim tax deductions relating to work you must have:
- Incurred the expense in the year you are claiming the deduction;
- The expense must be work related (not private) and it must not have been reimbursed by your employer;
- If your claims total > $300 you need to keep written evidence (if < $300 a record is sufficient and you do not need to keep receipts); and
- Receiving an allowance from your employer does not automatically entitle you to a tax deduction.
Not sure? Chances are you are missing out on a number of tax deductions…
At Ask Us Tax our Online Form includes helpful hints and tips to assist you in claiming your 2015 tax deductions.
Once submitted, the Online Form is reviewed by a registered tax agent to ensure you haven’t missed out on any tax deductions.
Become a member with Ask Us Tax and take advantage of our easy to use Online Form or contact us here via email or on 0439 998 005 on how to get started.
If you lodge your tax return with us today we will guide you all the way!