One of the best ways to boost your tax return is by taking advantage of the deductions available to you. When you complete your tax return, remember that you can claim deductions for some of the expenses you incurred which are related directly to your income. Consult with your accounting firm in Sydney such as Chan & Naylor to know how you can maximise your tax return.
You can claim a work-related deduction on expenses that you spent your own money for but were not reimbursed and are directly related to your income. Don’t forget to keep a record to prove these expenses.
You can claim car and travel costs in your tax return but you have to make sure that you are filing a claim that the ATO considers as travel expense. Do not just guess the amount as it can be considered as an illegitimate claim. You have to claim these expenses properly if you want to save some money.
Note that the claimable travel and vehicle expenses if you use your car for work include depreciation, insurance costs, registration costs and costs of running such as fuel, oil and servicing but expenses which are related to voluntary work cannot be claimed for this deduction.
You can claim plenty of complex deductions to reduce your taxable income. Make sure you are claiming all the deductions available to you every year by allowing a professional to do it for you. Talk to an accounting firm in Sydney which can help you maximise your tax return and benefit from their knowledge of the tax system.
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 we 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.
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