Individual Tax Return Tips 2024

Individual Tax Return Instructions for 2024

Completing your individual tax return with the right guidance, will ensure a smooth process and make sure you claim all the deductions you're entitled to. We've put together a guide to help you prepare and lodge your 2024 individual tax return.  And remember that lodging your Tax Return online with Gotax is dead easy.

1. Gather Your Documentation

Before you start, make sure you have all the necessary documents:

• Income Statements: Provided by your employer, showing your earnings and tax withheld.
• Bank Statements: Detailing interest earned on your accounts.
• Investment Records: Including dividends, managed funds, and capital gains.
• Receipts: For work-related expenses, charitable donations, and medical costs.
• Private Health Insurance Statement: If applicable.

2. Understand Your Income

You need to report all sources of income, including:

• Salary and Wages: From your main job and any part-time work.
• Investment Income: Such as interest, dividends, and rental income.
• Government Payments: Including Centrelink benefits and pensions.
• Business Income: If you run a small business or have a side hustle.

3. Claim Your Deductions

Maximise your refund by claiming all eligible deductions:

• Work-Related Expenses: Such as uniforms, tools, and travel costs (excluding home to work travel).
• Self-Education Expenses: If the course directly relates to your current job.
• Home Office Expenses: For those working from home, including a portion of your utility bills and office supplies.
• Charitable Donations: To registered charities.

4. Home to Work Exclusions

Remember, travel between your home and your regular place of work is generally not deductible. However, you can claim travel expenses if:

• Travelling Between Jobs: Directly between two different workplaces on the same day.
• Carrying Bulky Tools: If you transport bulky tools or equipment necessary for your job and there is no secure storage at your workplace.
• Temporary Work Locations: If you travel to a temporary work location that is not your regular place of employment.

5. Avoid Common Traps

To stay compliant with ATO regulations, avoid these common pitfalls:

• Overclaiming Deductions: Only claim expenses directly related to earning your income.
• Inaccurate Records: Keep detailed and accurate records for at least five years.
• Unsubstantiated Claims: Ensure you have receipts and documentation to support your claims.

Example: Claiming Work-Related Expenses

Andrew, an IT professional, spends $500 on work-related training courses and $300 on a new uniform. He also works from home and incurs $200 in utility costs. Andrew keeps receipts for all these expenses and claims them on his tax return. By doing so, he reduces his taxable income and maximises his refund.

Gotax Advice

Filing your individual tax return can be straightforward if you stay organised and understand what you can and cannot claim. Keep accurate records, gather all necessary documentation, and seek Gotax professional advice if needed. This will help you maximise your refund and ensure you stay out of trouble.

Gotax..Maximise your Refund… 2024 Complete Return $55, Simple Return $15. Small Business $120, Rental $99+.

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