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Take advantage of our Easily Missed Tax Deductions Guide

More than one third of all Australians miss deductions in their tax returns. The following are the most commonly missed deductions. This is a helpful guide for you to be sure you don’t miss any related deductions that you are entitled to.

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 Costs of managing your Tax affairs from last year

Did you pay a tax accountant to prepare your tax return last year? If so, don’t forget to claim the amount you paid last year on this year’s return.

 Union/Membership fees

Are you a member of a union or a professional organization? Make sure you include any membership fees in your tax deduction.

 Professional seminars and training courses

Did you attend any seminars or training courses that are related to your work or would help to improve skills in your profession? Keep a record. The expenses are usually tax deductable.

 Work related Car Expenses

If you own your car and use it for work related purposes apart from travelling between work and home. You can usually claim fuel and maintenance costs as tax deductions. Your travel must be part of a working day. Trips between different offices, visiting clients, or moving from one job site to another are all work related trips. Currently you can use a 12 week logbook method or cents per kilometre method to calculate the deductable amount.

 Home Office Expenses

There are many expenses you can claim if you are working from home. Costs related to laptops, computers, mobiles phones (see below) and internet usage are deductible. If you run your business from home, you can claim a part of your occupancy costs such as rental, mortgage interest, insurance and rates.

 Mobile Phone Expenses

Do you ever use your personal mobile phone to make and receive phone calls to colleagues or clients? For those calls, you are entitled a tax deduction. Make sure you keep a log to record the number of work related calls. You can claim proportionally from your phone bill for tax deductions.

rental property tax accountants impact bankstown  Expenses on Rental Properties

Do you have a rental property? Expenses such as bank charges, body corporate fees, repairs and maintenance costs are all deductable items.

charity tax bankstown yagoona  Charitable Donations

Donations of $2 or more to a registered charitable organisation are deductable from your tax. Make sure you keep all the receipts.

bank charges icon  Bank Charges

If you are running your own business, don’t forget those bank fees and charges related to your business account and interest on business loans or overdrafts.

prepaid tax return bankstown  Prepaid Expenses

Prepayments of expenses are commonly overlooked from deductions. It is also a very good way to save in the current year’s tax if you make a prepayment for the following tax year before the end of this tax year.

Declaration: We hope this information will be useful to you. Remember, this article has been prepared without specific knowledge of your financial situation. Before making financial decisions or plans be sure to consult with an Accountant or a Financial Advisor.
Declaration: The Excel files and content of this website have been prepared without taking into account your personal financial situation or knowledge of your financial needs. Impact Taxation and Financial Services cannot be liable for any losses or damages arising from using the information provided. It is the user’s responsibility to seek independent advice from a professional accountant before implementing any financial plan.

Declaration: The Excel files and content of this website have been prepared without taking into account your personal financial situation or knowledge of your financial needs. Impact Taxation and Financial Services cannot be liable for any losses or damages arising from using the information provided. It is the user’s responsibility to seek independent advice from a professional accountant before implementing any financial plan.