You would be eligible to deduct work-related expenditures incurred while executing your job as an employee in your tax return to increase your tax refund. Our Tax Accountantย can help with your tax return to get maximum eligible tax refund.
โข you got a bill or invoice for an expense that you were responsible for (even you paid it after 30 June), or
โข you were charged and paid for the expense without receiving a bill or invoice.
๐๐ก๐๐ฌ๐ ๐๐ฑ๐ฉ๐๐ง๐ฌ๐๐ฌ ๐ข๐ง๐๐ฅ๐ฎ๐๐:
โข automobile expenses, including gasoline and maintenance; and
โข trip/travel expenses.
โข Clothing costs
โข educational costs
โข union membership fees
โข home computer and phone costs
โข costs for tools and equipment
โข trade journals and magazines
๐๐จ๐ฎ can ๐๐ฅ๐๐ข๐ฆ ๐ฌ๐จ๐ฆ๐ ๐ง๐จ๐ง-๐ฐ๐จ๐ซ๐ค-๐ซ๐๐ฅ๐๐ญ๐๐ ๐๐๐๐ฎ๐๐ญ๐ข๐จ๐ง๐ฌ. ๐๐ก๐๐ฒ ๐๐ซ๐ ๐๐ฌ ๐๐จ๐ฅ๐ฅ๐จ๐ฐ๐ฌ:
โข Investment interest and dividend deductions
โข Gift and contribution deductions
โข A tax credit for the expense of managing your tax affairs.
๐๐จ๐จ๐๐ฌ ๐๐ง๐ ๐๐๐ซ๐ฏ๐ข๐๐๐ฌ ๐๐๐ฑ
If your expense contains a portion of goods and services tax (GST), the GST is included in the overall expense and is thus deductible. For example, if you paid $440 in union fees, which included $40 in GST, you may claim a deduction for $440.
๐ ๐จ๐ซ๐๐ข๐ ๐ง ๐๐ฆ๐ฉ๐ฅ๐จ๐ฒ๐ฆ๐๐ง๐ญ
If you got a PAYG payment summary โ overseas employment or have foreign employment payment information on your income statement, you can claim deductions for that income at items D1 through D6, as applicable.
Before completing this item, all foreign deductions must be translated to Australian dollars.
๐๐ฎ๐ฅ๐๐ฌ:
You must have incurred the cost between 01 July and 30 June
To claim a deduction for a work-related cost in your tax return, you must meet the following criteria:
โข you must have spent the money yourself and were not reimbursed
โข the expense must be directly connected to producing your income; and
โข you must have documentation to verify the expense.
The cost cannot be of a private, household, or capital character. For example, the expenditures of regular transportation to and from work, as well as purchasing lunch every day, are considered private expenses.
โขIf you incurred a cost that was both work-related and private or domestic in character, you can deduct just the amount of the item that was work-related.
โข If you made a capital cost, you may be eligible to claim a deduction for the fall in value of the depreciating assets you purchased.
โขIf you incurred a cost for services that were paid for in advance,
You cannot claim a deduction for a cost if any of the following conditions are met:
โข someone else covered the cost, or
โข you have been or will be compensated for the expenditure
โข the payment or reimbursement is a further benefit (including an exempt benefit).
You can only claim the portion of the expenditure that was not repaid if you were only partially reimbursed.
๐๐๐๐ฉ๐ข๐ง๐ ๐ญ๐ซ๐๐๐ค ๐จ๐ ๐ฐ๐จ๐ซ๐ค-๐ซ๐๐ฅ๐๐ญ๐๐ ๐๐จ๐ฌ๐ญ๐ฌ for tax return preparation.
If the total amount of deductions you are claiming exceeds $300, you must be able to verify your claims with documented documentation.
Your records must show the whole amount, not simply the amount above $300. The $300 does not cover vehicle and food allowances, award transportation fees, or travel allowance expenditures.
These claims are subject to written evidence rules, which are described under the relevant items.
If the total amount you are claiming is $300 or less, you must be able to demonstrate how you calculated your claims, but no written documentation is required.
Maximum refund-๐๐๐ฏ๐๐ง๐๐ ๐๐ฑ๐ฉ๐๐ง๐๐ข๐ญ๐ฎ๐ซ๐-Tax return-Tax Accountant
If you have prepaid an amount for a service that costs $1,000 or more and lasts more than 12 months or beyond 30 June 2022 (for example, a subscription to a journal related to your profession), you can only claim the portion that applies to 2020โ21. You can also recover a part of your pre-paid costs from a prior tax year that pertain to the 2020โ21 tax year.
๐๐ฅ๐ฅ๐จ๐ฐ๐๐ง๐๐๐ฌ
If you got an allowance and reported it as item 2 on your tax return, you can claim a deduction for the expenditures covered by the allowance if:
โข you really spent those expenses in earning your employment income and โข the fundamental requirements mentioned on the preceding page are met.
For example, suppose you were given a $500 tool allowance and your tool expenditures were $300:
โข you include the entire $500 allowance as item 2 on your tax return, and โข you claim a $300 deduction as item D5.
๐ ๐๐๐๐ซ๐๐๐ฌ๐ ๐ข๐ง ๐ญ๐ก๐ ๐ฏ๐๐ฅ๐ฎ๐ ๐จ๐ ๐ ๐๐๐ฉ๐ซ๐๐๐ข๐๐ญ๐ข๐ง๐ ๐๐ฌ๐ฌ๐๐ญ
If you used a depreciating asset to generate income as a sole trader that you reported on your tax return, you may be eligible to claim a deduction for the full in value of that asset.
A depreciating asset is one that has a limited effective life and may be fairly expected to lose value over time. Tools, reference books, computers, and office furniture are examples of depreciating assets.
The value of a declining asset is calculated based on its effective life.
If certain requirements are satisfied, you may be allowed to claim an instant deduction for the full cost of depreciating assets costing $300 or less.
๐๐๐๐ฎ๐๐ญ๐ข๐จ๐ง๐ฌ ๐๐จ๐ซ ๐ฐ๐จ๐ซ๐ค๐ข๐ง๐ ๐๐ซ๐จ๐ฆ ๐ก๐จ๐ฆ๐ ๐๐ฎ๐ ๐ญ๐จ ๐๐๐๐๐-๐๐ to get maximum refund.
This new method is only available if you worked from home between 1st July to 30th June
You can deduct $0.80 for each hour worked from home in your tax return.ย year 22-23 onward this has been reduced 67 cents per hour.
This is to cover all of your additional expenditures associated with working from home.
You are unable to make a claim for anything else.
For example,
โข Items purchased (such as a desk)
โข Increased bills (like electricity or phone).
You must keep track of how many hours you have worked from home.
Contact us to get Maximum refund in your tax return.
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