29/02/2024
How do I get maximum refund in my Tax return?
You would be eligible to deduct work-related expenditures incurred while executing your job as an employee in your tax return to increase your tax refund. Our Tax Accountant can help with your tax return to get maximum eligible tax refund.
• you got a bill or invoice for an expense that you were responsible for (even you paid it after 30 June ), or
• you were charged and paid for the expense without receiving a bill or invoice.
𝐓𝐡𝐞𝐬𝐞 𝐞𝐱𝐩𝐞𝐧𝐬𝐞𝐬 𝐢𝐧𝐜𝐥𝐮𝐝𝐞:
• automobile expenses, including gasoline and maintenance; and
• trip/travel expenses.
• Uniform costs
• educational costs
• union membership fees
• home computer and phone costs
• costs for tools and equipment
• trade journals and magazines
𝐘𝐨𝐮 can 𝐜𝐥𝐚𝐢𝐦 𝐬𝐨𝐦𝐞 𝐧𝐨𝐧-𝐰𝐨𝐫𝐤-𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐝𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧𝐬. 𝐓𝐡𝐞𝐲 𝐚𝐫𝐞 𝐚𝐬 𝐟𝐨𝐥𝐥𝐨𝐰𝐬:
• Investment interest and dividend deductions
• Gift and contribution deductions
• A tax credit for the expense of managing your tax affairs.
𝐆𝐨𝐨𝐝𝐬 𝐚𝐧𝐝 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐓𝐚𝐱
If your expense contains a portion of goods and services tax (GST), the GST is included in the overall expense and is thus deductible. For example, if you paid $440 in union fees, which included $40 in GST, you may claim a deduction for $440.
𝐅𝐨𝐫𝐞𝐢𝐠𝐧 𝐄𝐦𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭
If you got a PAYG payment summary – overseas employment or have foreign employment payment information on your income statement, you can claim deductions for that income at items D1 through D6, as applicable.
Before completing this item, all foreign deductions must be translated to Australian dollars.
𝐑𝐮𝐥𝐞𝐬:
You must have incurred the cost between July 01 to 30 June during the year.
To claim a deduction for a work-related cost in your tax return, you must meet the following criteria:
• you must have spent the money yourself and were not reimbursed
• the expense must be directly connected to producing your income; and
• you must have documentation to verify the expense.
The cost cannot be of a private, household, or capital character. For example, the expenditures of regular transportation to and from work, as well as purchasing lunch every day, are considered private expenses.
•If you incurred a cost that was both work-related and private or domestic in character, you can deduct just the amount of the item that was work-related.
• If you made a capital cost, you may be eligible to claim a deduction for the fall in value of the depreciating assets you purchased.
•If you incurred a cost for services that were paid for in advance,
You cannot claim a deduction for a cost if any of the following conditions are met:
• someone else covered the cost, or
• you have been or will be compensated for the expenditure
• the payment or reimbursement is a further benefit (including an exempt benefit).
You can only claim the portion of the expenditure that was not repaid if you were only partially reimbursed.
𝐊𝐞𝐞𝐩𝐢𝐧𝐠 𝐭𝐫𝐚𝐜𝐤 𝐨𝐟 𝐰𝐨𝐫𝐤-𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐜𝐨𝐬𝐭𝐬 for tax return preparation.
If the total amount of deductions you are claiming exceeds $300, you must be able to verify your claims with documented documentation.
Your records must show the whole amount, not simply the amount above $300. The $300 does not cover vehicle and food allowances, award transportation fees, or travel allowance expenditures.
These claims are subject to written evidence rules, which are described under the relevant items.
If the total amount you are claiming is $300 or less, you must be able to demonstrate how you calculated your claims, but no written documentation is required.
Maximum refund-𝐀𝐝𝐯𝐚𝐧𝐜𝐞 𝐄𝐱𝐩𝐞𝐧𝐝𝐢𝐭𝐮𝐫𝐞-Tax return-Tax Accountant
If you have prepaid an amount for a service that costs $1,000 or more and lasts more than 12 months or beyond 30 June (for example, a subscription to a journal related to your profession), you can only claim the portion that applies to the current year1. You can also recover a part of your pre-paid costs from a prior tax year that pertain to the previous year tax year.
𝐀𝐥𝐥𝐨𝐰𝐚𝐧𝐜𝐞𝐬
If you got an allowance and reported it as item 2 on your tax return, you can claim a deduction for the expenditures covered by the allowance if:
• you really spent those expenses in earning your employment income and • the fundamental requirements mentioned on the preceding page are met.
For example, suppose you were given a $500 tool allowance and your tool expenditures were $300:
• you include the entire $500 allowance as item 2 on your tax return, and • you claim a $300 deduction as item D5.
𝐀 𝐝𝐞𝐜𝐫𝐞𝐚𝐬𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐯𝐚𝐥𝐮𝐞 𝐨𝐟 𝐚 𝐝𝐞𝐩𝐫𝐞𝐜𝐢𝐚𝐭𝐢𝐧𝐠 𝐚𝐬𝐬𝐞𝐭
If you used a depreciating asset to generate income that you reported on your tax return during 2020–21, you may be eligible to claim a deduction for the fall in value of that asset.
A depreciating asset is one that has a limited effective life and may be fairly expected to lose value over time. Tools, reference books, computers, and office furniture are examples of depreciating assets.
The value of a declining asset is calculated based on its effective life.
If certain requirements are satisfied, you may be allowed to claim an instant deduction for the full cost of depreciating assets costing $300 or less.
𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐰𝐨𝐫𝐤𝐢𝐧𝐠 𝐟𝐫𝐨𝐦 𝐡𝐨𝐦𝐞 𝐝𝐮𝐞 𝐭𝐨 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 to get maximum refund.(21-22)
This new method is only available if you worked from home between 1st July 2021 and 30th June 2022 (the fiscal year 2021–22).
You can deduct $0.80 for each hour worked from home in your tax return. In 22-23 onward this has been reduced 67 cents per hour.
This is to cover all of your additional expenditures associated with working from home.
You are unable to make a claim for anything else.
For example,
• Items purchased (such as a desk)
• Increased bills (like electricity or phone).
You must keep track of how many hours you have worked from home.
Contact us to get Maximum refund in your tax return.
maximum tax refund with Fair Tax Accountant Geelong
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