At MAS TAX Accountants we understand the job of putting together all work related deductions may seem overwhelming particularly when presented with the requirement to put together all the tax invoices and receipts for any substantial claims. Nevertheless, making the effort to know what work-related expenditures are possibly tax deductible can help you save substantial cost.
Wherever receipts aren’t available, nevertheless you are able to claim up to $300 of work-related expenses given the claims relate with expenses you specifically incurred in your work or business.
Common work-related expenses which are tax deductible include things like uniforms, business and mobile telephone costs, tools, subscriptions and union fees. If you use your vehicle for work related travel such as going to seminars, conferences, etc, you are able to claim the vehicle charges (in accordance with one of the methods prescribed by the ATO, check the ATO website for details on how to calculate the motor vehicle expenses -www.ato.gov.au ) and related costs such as toll, parking etc. if you are staying overnight for work purpose, you are able to claim the food costs.
If you are working outdoors, you can claim the cost of sun protection.
Self-education costs could be claimed provided the study is directly associated either to retaining or enhancing your present work skills or chance is it will enhance your earnings out of your present occupation. In the event the study is done to acquire new skills in a different area the cost won’t be tax deductible.
If you use a phone or internet, laptop or desktop computer both for private and work uses, you have to attribute a portion of the overall expense to work-related costs. The written proof necessary for this is an evaluation of four weeks of use – proportion the work and personal use. The percentage may then be applied for the entire year’s expenses.
Charities and donations are usually tax deductible.
Any fees paid for managing your tax affairs such as to your Tax Accountant is tax deductible.
Although you do not need receipts for deductions less than $300.00 but you may be required to show how you worked it out.
Details of all these deductions are available on the ATO site: www.ato.gov.au
At MAS Tax Accountants we pride ourselves on providing top quality accounting services, contact us to find out how we can help you with all your taxations needs.
For more information or to schedule an appointment, please contact us below or call us on 1300 627 829
