Tricks to know as tax time looms
TAXPAYERS are walking away from millions of dollars in unclaimed tax deductions.
That's the message from Griffith University taxation guru Professor Brett Freudenberg ahead of July 1.
Professor Freudenberg said he was surprised at how many people were not fully aware of all the available deductions and what records they needed to keep to be able to make comprehensive claims.
"It can be a confusing area for many people as there are various urban myths about what people can and cannot claim," he said.
"An important part in determining how much tax you pay, is working out what tax deductions you are entitled to.
"While tax deductions have the potential to lower your tax payable, it is critical to ensure you get it right - as tax deductions can be one of the most litigious areas with the tax office.
"Part of the issue with tax deductions is the records that you are required to keep, as well as demonstrating how deductions relate to your assessable income."
In an effort to help people claim their full entitlements, Professor Freudenberg is holding a free tax education seminar on June 18.
The presentation will cover many of the possible deductions available to individuals, including car expenses, travel, self-education, clothing, laundry, sun protection, food, internet, phone, home office, computers, rental properties, shares, donations and, of course, personal superannuation contributions.
It is also likely to include information about Prime Minister Scott Morrison's proposed $158billion personal income tax breaks for the 2018-19 financial year.
Under stage one of the plan, people earning between $37,000 and $90,000 will receive a tax cut of up to $1080 when they lodge their 2018-19 tax return.
Also, the issue of when something is "partly" deductible will be discussed.
■ The two-hour session will be on Tuesday, June 18 at Griffith University, Logan Campus Building L08, Room 1.06 from 6pm to 8pm.