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Tax Blogs

How to get a bigger tax refund. Pt. 2

June 9, 2021

In our previous blog, we spoke about some great tax deductions to help you boost your refund, we will continue listing down some awesome tax deductions to maximise your refund below:
 

Travel Expenses

If you have to travel for work and spend any money on the costs of travel and/or accommodation, you can claim these as deductions – make sure you keep records of your work-related travel (e.g. a travel diary and receipts). Remember to include any allowances you may receive from your employer as income on your online income tax return.

Maximise your tax refund

Laundry

Ugh – everyone hates doing the laundry! An upside of this though is that if you wear a uniform for work that has your works company logo on it, you can claim up to $150 per year for laundry expenses without receipts.

Income Protection

Your most important asset is your income.  So, if you pay for income protection insurance directly from your personal bank account (NOT through your Superannuation), you can claim the cost of the premium to get a bigger refund.

Union or Membership Fees

Did you know you could claim the out-of-pocket expenses for registration fees if you are a member of a union or a professional body?

Books, periodicals, and digital information

If you have purchased educational and trade publications, either print or digital, that are directly related to earning your income you can claim these as a deduction. E.g. A doctor purchasing a medical book.

Technology

You can claim the decline in value (depreciation) on your computer or laptop if it is used for work. Don’t stress if you don’t know how to do this – our etax software will help you work this out. You can also claim the work-related percentage of your home internet use and phone expenses!

Tools and equipment, including protective items

If you buy items that are required for your job e.g. tools, non-slip nurse shoes, stationery, etc. you can claim these as tax deductions.

Don't forget!...

Keep a record of everything you would like to claim, e.g. receipts/invoices, logbooks, diaries.

Having the correct records may result in you receiving a bigger refund and will decrease the risk of being potentially fined by the ATO.

Start your tax return

Note that the information provided is general in nature and subject to change, please contact one of our professionals who can evaluate your circumstances and provide more accurate advice to your current situation.

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