Top tips for tax return time
IS IT that time of the year already?
The end of the financial year is fast approaching and that means getting all your paperwork ready for your 2014-15 tax return.
Five tax deductions you might not be aware of?
You're probably well aware you can claim a tax deduction for general work-related expenses.
But did you know you may be able to claim if:
If you undertake a course or study.
You may be able to claim a portion of self-education expenses if it's related to your ability to earn income.
If you travel to inspect your investment property.
You may be able to claim for expenses like pest control fees, body corporate, rates, utility bills, advertising and marketing costs.
If you belong to a union.
You may be able to claim your union fees as a tax deduction.
If you wear a uniform for work.You may be able to claim for buying and cleaning a uniform that you need to wear for work.
If you work from home.
You may be able to claim for running costs such as heating, cooling, lighting and cleaning, and even interest on any loans for work equipment, like a home computer. But you must keep detailed records - check out the ATO's guide to home office expenses.
Working out your tax deductions can be complex. Your tax accountant can help you work out what you can and cannot claim.