5 Tax Claims You Don’t Want to Forget
Still working on your 19/20 Tax Return? Here are 5 tax deductions most commonly forgotten:
1. Tax agent fees
If you used us, or another Tax agent last year, then you can claim the amount you paid last year – on this year’s return.
2. Union/Membership fees
Are you part of a union? How about a membership body related to your profession? If you pay work-related union or membership fees you can claim the total cost of these fees.
3. Claim work related Car Expenses
If you are required to use your personal car for work-related reasons, apart from driving to and from work, you can usually claim fuel and maintenance costs as a tax deduction. There are now just two methods for calculating this deduction – you can either use a 12 week logbook (which generates numbers you can re-use for 5 years!) or the cents per kilometre method.
The ATO defines work-related kilometres as kilometres travelled in your car while you are earning your income. To be eligible, you must be the owner of the car and your travel must be part of your working day – e.g driving between offices, special trips to the post office or bank (not including stop-offs on the way home) or moving from one job site to another. Remember, you cannot claim trips between work and home unless you’re carrying heavy equipment for work, or transporting heavy tools required to do your job.
Depending on your personal circumstances, either a logbook or the cents per kilometre may be a better method for you.
Contact STS Accounting Group to determine which method is best for your situation.
4. Mobile Phone Tax Deduction
Using your personal phone to take and make work calls? Are you sometimes required to call clients or other staff members on your personal mobile phone?
If you answered yes, then you generally can claim these cost of these calls as a deduction on your tax return.
Remember, you can only claim the cost of your work related calls, not your entire phone bill. It’s a good idea to keep a logbook or record (for at least one month) of when you use your personal phone, to determine the average percentage of your calls that are work-related.
5. Working from home expenses
Now more than ever, working from home expenses are important to deduct. Click here to read 8 expenses you can claim when working from home.
Is it worth the trouble to claim my deductions?
While some of these items may seem small, when added together they could save you a decent amount of money. Even just a few small deductions added together could increase your tax return by a hundred dollars or more. So definitely worth a few extra minutes adding these extra details into your tax return this year.
Need any help? Don’t forget to get in touch with our team at STS Accounting Group, for your efficient and thorough tax return.
Contact us today.
