Claiming tax deductions is one of the most effective ways to lower your tax bill at the end of the financial year. However, it can be hard to understand what constitutes as a deduction and what doesn’t. Additionally, there are limits to how much you can claim in certain areas. So if you’re feeling confused at all about what you can claim on tax, don’t worry, you’re definitely not alone.
For example, you may be a car mechanic who’s paid for a uniform you wear to work every day. It features the name of the business you work for and it’s a requirement that you wear it every shift. Therefore, this would absolutely be an expense that you’d be able to claim on tax.
Recently one of our clients emailed us asking a similar question:
I’ve got a lot of stuff that I use for work, but I think there’s probably things I’m missing or might’ve taken for granted. Is there a checklist or something you guys could send through for what I can claim on tax and if there have been changes at all this year?
What can I claim on tax in 2018:
You may be able to claim tax deductions for expenses incurred during the course of earning your assessable income. Some of the expenses you may be able to claim against your income include:
- Car expenses
- Travel costs
- Clothing expenses
- Education expenses
- Professional memberships & registrations
- Conferences, seminars & workshops
- Computer and phone expenses
- Tools & equipment
- Self-education expenses
- Texts, journals and magazines
- Donations to registered charities
- Accounting fees from a registered tax agent and many more.
That said, some of these expenses are only deductible to the extent that they relate to your assessable income. For example, if 50% of your mobile phone usage is work related you may be entitled to claim that percentage of your mobile costs back on tax. To be sure you’re compliant with these stipulations it’s wise to seek out a professional to help check your eligibility.
Quax train our mobile accountants to ask questions about these expenses and many more. Above all to ensure our clients receive the largest refund possible. Consequently, this saves them from missing out on hundreds, or potentially thousands of dollars in missed deductions. If you’d like a Quax mobile accountant to look at your taxes, please feel free to get in touch.
Simply email us at email@example.com or give us a call on 0421 633 710
Read More: “10 Deductions We Forget At Tax Time”