Completing tax returns for clients is not all we do. We aim to educate our clients to become tax effective in order secure their financial future. We aim to work within the guidelines set out by the ATO to maximise returns for our clients. In this section, there will be some useful tax tips and information that clients can read to ensure they are doing what they can to be tax-effective.
What you can claim
What you can claim as a work-related expense differs between jobs. Many people have misconceptions about what they can claim for some unknown reason.
To assist you in preparing your receipts for tax time, Taxpayers Australia have provided a list of common deductions for specific industries/workers. This list includes common professions such as Hairdressers, Cleaners, Flight Attendants, Hospitality workers, and people employed in the Building and Construction Industry.
Home office expenses
Often people ask what they can claim if they are working from home. Firstly, it needs to be determined whether home is a place of business, or you are simply performing work from home. If it is the latter, you are not entitled to claim occupancy expenses such as mortgage interest, rent and building insurance.
However, running expenses such as heating, cooling, electricity, and furniture depreciation may be claimed. The tax office has implemented a simple 52cents per hour claim for home office expenses. Computer equipment including depreciation, telephone and internet are other expenses that may be claimed. However, record keeping is required.