Are You Claiming Work Expenses – Tax Return Bankstown
It is almost the End of Financial Year and it’s the perfect time to start organising your upcoming tax return. Ideally, you want to get the best possible refund and give yourself a bit of extra money to spend on the things that you want, like towards a that dream holiday or day out with friends. At Mas Tax Bankstown, we can assist you to legally maximise your tax return and give you the right advice to remain organised for the next Tax Season.
There are several work-related and investment property expenses that you may be able to claim on your tax return. Whether you are a business owner, self-employed or an employee, it is important to know which deductions you are entitled to and how you can legitimately claim them.
Firstly, you must have used your own money to purchase the work-related item and not been later reimbursed by your employer. Secondly, you will need to keep a well organised record of your work-related receipts. If you are unsure if you will be able to claim a certain expense, still keep the receipt and we can decide whether or not it is feasible. To make sure that you receive the best advice, we have dedicated countless hours to analysing the current tax laws and ensuring that our knowledge is up-to-date.
Some work-related deductions that may apply to you, include:
- Work supplies or equipment, such as home office expenses, tools and other equipment
- Self-education costs, used to maintain or gain specific skills needed in your current job
- Work-related travel expenses, such as fuel and certain car expenses – remember to keep a vehicle logbook.
- Other deductions – that you will need to discuss with your Accountant. Such as work phone or internet expenses, personal super contributions, and deductions applicable to certain industries and occupations.
You may also be able claim a wide range of running and management costs against your investment property’s income. These include:
- Real estate fees
- Council and water rates
- Advertising for new tenants
- Insurance
- Reasonable travel expenses to inspect your property
- Depreciation on assets like whitegoods and air conditioners
Remember to always keep any relevant receipts or documents.
At Mas Tax Bankstown, we are committed to providing the best tax services and advice, at a competitive price. Call us today to find out how we could help you to meet all of your tax commitments and maximise your refund.
For further information or to make an appointment about your tax, please contact us below or call us on 1300 627 829
