The tax season is already in full swing and it is the best time to talk about several tax deductions that may be available to you but you often forget as a taxpayer. Do you wonder what the most common forgotten tax deductions are when filing for individual tax returns? Here’s a list.
Did you use Chan & Naylor or any other tax agent’s services to prepare and lodge your tax return last year? If yes, did you know that you can claim the amount that you have paid for this service on your next tax return? The fees are tax deductible. Simply put the amount that you have paid for the previous year in the D10 section or “cost of managing tax affairs” of your tax return form.
If you are a member of a union or a membership body which is related to your work, you can also claim the dues you paid for it.
Those whose job requires them to use their own vehicles for work-related tasks may claim their maintenance and fuel costs as tax deduction as well. If you are one of them, you can use the cents per kilometer method or a 12-week logbook that you can re-use for five more years.
Remember that you cannot claim for transportation expenses used to go to or from work. To be able to claim, you must be the owner of the car and the travel should be part of your working hours that does not include a stop-off on your way to work or house. Special trips to the post office, bank, between offices or moving from one branch to another are examples of travel expenses that you can claim.
You can also claim for the costs of your laptop or personal computer as a tax deduction if you work from home. These are considered as home office expenses. If you work entirely from home as a home-based employee, you may claim the occupancy costs of your home office as a tax deduction, including your furniture, equipment, software, electricity or even part of mortgage or rent.
When you add all these together, this may be a decent amount to help you with your cashflow.
If you would like to know more about tax deductions, you can click here to know more about Chan & Naylor services. You can leave your details here and Chan & Naylor Accountants in Brisbane can schedule you for a free consultation. We’ll contact you to explain more.
Whether you are a beginner, seasoned investor or business owner, our property and business tax accountants can give you guidance to maximise the financial areas of your life. We can also give you an integrated and tailored solution for your superannuation, taxation, property investment, asset protection, estate planning and more.
Chan & Naylor Group has nationwide offices in Brisbane and Capalaba in Queensland, Melbourne and Moonee Ponds in Victoria, East Perth in Western Australia, and South West Sydney, Parramatta, Pymble, North Sydney, and Sydney in New South Wales.