Tax Tips

Money Doesn’t Come Without Guidance ...

About Tax tips

Industry specific deductions available for employees working on a specific industry. Most common groups are Hospitality Industry employees, Lawyers, Shop Assistants, Cleaners, etc. The specific deduction guide might reveal some more deductions which you are eligible to claim.

Good recordkeeping

Keeping tax deductible receipts is a good practice from the beginning of the financial year as your receipts are your cash back during the tax period. If you haven’t done so for the last financial year, go through your bank statement and try to find the expenses related to your tax. If you have lost the receipts, you might get it from the supplier once you ask them. Please note, you must have to have receipts for expenses claimed in your tax return, an expense showing in the bank account is not sufficient during ATO audit.

You might be eligible to claim for your motor vehicle expenses if used for work / work-related study purpose. There are four methods you can use, go through all the four methods to ensure you choose the correct method while calculating your motor vehicle expense.

If you have a rental property, get a depreciation report from a Quantity Surveyor. The cost for obtaining the report is fully tax deductible. Also, you can claim big chunk of deductions against your taxable income for depreciating eligible assets.

Be careful about capital gain tax when you sell your Investment properties. You suddenly might get a big tax bill if you do not plan in advance for your investment properties.

Your negatively geared property could reduce your tax during the full financial year as you can use the negative income to reduce your current tax. This basically increase your cash flow during the financial year so you can manage your properties efficiently & borrow less to pay less interest.

It always a good idea to ask a Tax specialist (and its Free!). We will answer any specific questions that you have and guide you to the right direction to maximise your tax refund.