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Still need to lodge your 2020 return?

We’re here to help you claim back everything you’re entitled to, fast & painlessly… So, where to start? Below is a list of common tax deductions to help you get ready.

Work-related car expenses

If you use your car for work i.e. drive between different offices, visit clients and/or transport goods (to name a few) you are likely to be able to claim the personal cost of using your car on your tax return. There are 2 different methods and you get to chose the one that provides the biggest deduction.

Work-related travel expenses

If you personally paid for something during your work-related travel and you haven’t been reimbursed by your employer, you may be eligible to claim a tax deduction. If you receive an allowance from your employer for work-related travel that is included on your PAYG as assessable income, you can claim travel and accommodation expenses up to the allowance amount, without needing to keep records. You must be able to justify expenses if requested and will need to provide evidence of any expenses over the allowance amount. Examples of items you can claim are;

Many workplaces require staff to wear particular clothing, such as a uniform or protective footwear. Sometimes this is for a professional appearance and to show off the brand of a business, and sometimes it is for safety and protection.

If you’re in a role where you must wear;

…then you’ll be able to claim a tax deduction for any expenses you’ve incurred. This also includes the laundering and dry-cleaning costs for these items.

 

Tip: Ensure you keep receipts for any purchases and make note of how often you wash your uniform. This will help you determine what laundering you can claim.

Work-related self-education expenses

Self-study is a great way to improve your career and increase your skill set. Even better, so long as you’re studying in an area that relates to your current role (not something you’re aspiring to do) the fees and associated expenses are tax deductible.

Tax deductions for gifts or charitable donations

If you’ve made a donation this financial year to a registered charity, and have receipts to prove your donations, this is the section to add your receipts to. You’ll need to confirm that your donation is to a registered charity, as they are the only organisations with eligibility to offer tax deductible receipts.

Tax agent fees

You can claim expenses that relate to managing your taxes, including the tax agent fees you pay for lodging your tax return. You may also be able to claim back tax reference books, quantity surveyor reports and any interest charges from the ATO, if applicable.

Other work-related expenses

In many jobs and roles, you can end up spending money on items that are 100% related to your job. When that happens, you shouldn’t be paying tax on those expenses. That’s why you claim them as tax deductions. Other work-related tax deductions you can claim can include:

Have any questions?

We’re here to help. Contact the team and ABA to answer and question you may have on 1300 797 175.

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