It’s no secret that this tax time will look a little different to last year. The past six months alone have seen us experiencing working conditions that no one could have predicted.
Despite the unprecedented times, it’s important to be organised this tax time to ensure you receive what you are entitled to.
This year has seen changes to the instant asset write-off for businesses, forced working from home conditions for employees, an increase in access to government stimulus packages and increased access to superannuation.
Taking all of this into account, below are our ‘Top 10 Tips to save you this tax time’.
Strategem’s Top 10 Tax Tips
- Purchase any required work-related items such as protective clothing, equipment and seminar/conference fees prior to 30 June.
- Keep receipts for work-related expenses so you can prove how much you spent if required.
- Consider making a donation to your favourite deductible gift recipient charity prior to 30 June.
- If you have made a capital gain during 2018/19 consider also disposing of any under-performing investments prior to 30 June to realise potential offsetting losses.
- Review contributions made to your superannuation fund/s for the year ended 30 June.
- Keep a written record of kilometres travelled for work-related trips (noting date, reason for trip and km travelled).
- Maintain a diary for at least a month recording the number of hours you spend performing work related at home after hours.
- When staying away from home overnight on work trips, keep receipts for all meal, parking and other travelling expenses incurred (especially if these expenses are not reimbursed by your employer)
- Keep diary or other records for at least a month in order to help determine the work-related usage portion of Internet and/or Telephone expenses.
- When planning for the next financial year, consider whether or not to take out a suitable Private Hospital Insurance policy if your income is high enough to be charged with the Medicare Levy Surcharge (over $90,000 if single or $180,000 for families).
The ATO’s three golden rules to claim work-related expenses
1. Make sure you spent the money yourself and that you were not reimbursed.
2. Make sure the expense is related to your job.
3. Make sure you have a record to prove that you paid the expense.
Our Accountants are here to help you get the most out of your return this tax time. If you have any enquiries or are ready to book your appointment, contact our office today.
Ready to book your tax appointment? Contact us and let us help, click here or call
Bendigo 03 5445 4777
Melbourne 03 8621 8100
Please note: We are currently only booking phone and online Zoom appointments.