5 tips on tax deductions you could be missing

Published by Michael Bithell on

Here is a quick list that might help boost your tax refund this year.

1. Motor vehicle deductions

This is definitely where it is at! If you use your vehicle for work, you need to be keeping a log book and tracking your kms. If you are driving at least 100km a week for work purposes, then you may be able to claim up to $4,250 in deductions using the cents per kilometre method. We know that keeping a logbook can be painful, but this can really make a difference to your tax return if you are using your vehicle for work.

2. Cost to prepare your tax return

Not only can you claim the tax deduction to see your tax agent, but also the cost to travel to the tax agent. We have some clients that travel over 120km (return) to see us. They are able to claim an extra $102 on their tax return to recognise this expense.

3. Overtime meal allowance

If you receive overtime meal allowances, the ATO allows for you to claim a tax deduction for this too. Some individuals may receive 2 x overtime meal allowances a week allowing them to claim over $2,500 in tax deductions

4. Tolls

Has anyone noticed how expensive tolls are these days? Most people won’t because we all have a little tag in our car that takes care of it, but these can really add up.

5. Home office use

Are you regularly doing work from home? Did you know that the ATO allows for you to claim a portion of your home office expenses? You might also be able to claim 67 cents an hour for electricity use and a portion of expenses like the internet.

Categories: Business