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How to maximise your Australian tax return

Posted on 26 October 2017 | 3 Comment(s)

Work related expenses that can be claimed in order to maximise your tax back

Being able to claim expense deductions when lodging a tax return is all well and good, but to maximise any tax refund, a person first of all needs to know what they are entitled to.

This article will explain the typical types of expenses which any backpacker may choose to claim tax relief for when submitting a tax return.

1) Car & Travel expenses (work related) – note this will not include everyday trips between the workplace and home. This will include, for example, travel which was explicitly required as part of employment.

So for example, if a person was asked to travel to a training course held at a totally separate location to their usual place of work, this could be claimed for.

2) Clothing, laundry and dry-cleaning expenses – must be work related, so for example, clothing with a company logo would qualify as protective clothing.

3) Self-education expenses – education paid for by an individual in order to obtain a work related qualification. There are certain criteria which need to be met – please follow this link for more details:

https://www.ato.gov.au/individuals/income-and-deductions/deductions-you-can-claim/self-education-expenses/.

4) Tools and equipment – an immediate deduction can be claimed for items costing $300 or less.

5) Internet and phone charges – please note that it is only the work-related proportion of these costs which can be claimed.

6) Cost of lodging a tax return – yes the pink cow fee is fully tax deductible!

So there you have it – some useful details outlining the types of expenses you may be able to claim so you can maximise your tax refund.

If you have any further questions please get in touch with us at customersupport@pinkcow.com.au or visit the FAQ section of our site (www.pinkcow.com.au) for more details.

Comments:

Posted on 11 May 2016 by Earthwind

That's the thinking of a creative mind

Posted on 11 May 2016 by Donte

Thanks for sharing.

Posted on 07 April 2015 by Ajay

You can deduct the amnuot of day care not covered by the flex plan. The test with the IRS to allow the deduction is the employment status of both parents. You both have to be working full time to qualify to deduct daycare expenses.Let's assume you have $ 13K in expenses for 2006. You'll get $ 5000 of that covered by flex spending which leaves $ 8000 as a regular deduction. That will be written off against income just like any other itemized deduction (like mortgage interest). Normal phase outs will apply as your income goes up. Your daycare provider will issue a statement of payments for the year and their EIN number. Most daycare providers (larger ones) are non-profits 501(c), so if you made any contributions to them you can ask to have those included as well.

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