Do you work, then the answer is probably YES.
In previous years the ATO has targeted a specific industry areas, like School Teachers, Tradies and Truck Drivers. This year however the ATO intends to target specific work related expenses instead and this means they are more likely to be targeting you and your Tax Return.
These areas include:
1. Claiming a computer, phone or other electronic device as a work-related expense
2. Transporting bulky tools and equipment
3. Overnight work-related expenses
This pretty much covers everyone that makes a claim!
If you use a computer, phone, tablet or ‘other electronic device’ for work, the good news is that there’s a good chance you can make a claim. However, it does mean that your claim must be accurate and you must be able to prove it. Ensuring you not only make the claim, but the right amount is also important, just as much as how you come to determine the amount of usage to determine the amount to claim.
The ATO’s big push this year is to claim the right amount. No More. No Less. They have even created and published the above video to help assist people in making claims and ensuring they’re getting the right amount back in their Tax Refund.
Another big push is for people to consider their MyTax solution which was discussed in our previous post. Be warned though, MyTax will pre-populate some fields to make it easier to lodge but it may not maximise your return or include all of your income for the year. It certainly won’t prompt or help you determine what to claim and what not to claim, that’s why you visit a Registered Tax Agent, Like Business Edge Accountants.
It’s important to consider your Tax Planning option all year and not just at the end of the year, to ensure you’re doing the right things to maximise your refund at the end of the financial year. There are many strategies to consider to reduce your tax, here are 5 of our top strategies:
1. Salary sacrifice into your super
2. Explore a protected share portfolio strategy
3. Salary package your car
4. Debt optimisation
5. Establish a SMSF
If you haven’t already, make sure you contact our office to ensure you’re claiming the right amount, no more, no less. We always want to work with you to give you better advice now for a beautiful financial future.
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This article is provided as general information only and does not consider your client’s specific situation, objectives or needs. It does not represent accounting advice upon which any person may act. Implementation and suitability requires a detailed analysis of a client’s specific circumstances. © Business Edge Accountants