We have a few days left before the financial year ends, and I am sure you, too, are looking for ways to reduce your tax bill. Luckily for us, we have several things that we can claim to make our tax deductions larger.
Now, of course, the thing/s that you are looking to claim must be related to your line of work. You also have to take note that things refunded by your employer cannot be deducted from your tax anymore.
Lastly, you need to have a record or receipt of the things that you are looking to claim, too. Without further ado, here are a few things that you can claim before the financial year comes to a wrap:
If you use your car most of the time for work purposes, then you can apply for a motor vehicle tax deduction. This usually applies to salespeople, who are always looking for customers, clients, and are constantly carrying heavy work equipment or stuff to sell.
Make sure to keep the receipts from every gas station that you use. Also, if you or your employer are looking for a new car to purchase before the EoFY ends, then you can try searching for one here in this car lease Sydney – as it would be cheaper to do so before the financial year ends.
Flight attendants will surely get a kick out of this specific claim. It is, indeed, a requirement for flight attendants to wear makeup whenever they are at work and take good care of their skin, since they are in the hospitality industry. Since it is related to their line of work, then it is possible for them to have these deducted from their tax bills.
If your job or employer requires you to buy a specific footwear or shoes to use when you are on the job, then you can try claiming this to reduce your tax bill. Some of the people that can claim this are construction workers (for the boots and hats) and salesmen (leather black shoes are usually required).
If you work from home, then you can try claiming your electricity bills plus the money you have put into buying a laptop. Working from home requires you to be online during your working hours, and that uses so much of your electricity.
Additionally, you can also claim your internet bills – just make sure to keep the receipts. Overall, you can claim a total of 15% – 25% of your internet costs per financial year.
If the company you are working for failed to provide a work phone for you and you use your personal phone for work-related calls and SMS, then you can have them deduct these from your tax bills.
Outdoor workers including farmers and construction workers can claim sunscreen and other items that they bought to be used for their job. Additional items that you purchased yourself such as hats, gloves, and protective clothing can also be claimed before the financial year ends.
Tax accounting costs for the current financial year (which is ending on the 30th of June this year) will be deducted from your tax bills for the following financial year. Another tip that we can give is to get advice from a professional. You can also visit the official site of the Australian Taxation Office to see more details about EoFY and taxes.