Tax Tips: some of the most forgotten tax deductions.

Dreading tax time? Here are a few tips to keep in mind when collecting your documentation in preparation for tax time.

1. Gifts and Donations – Provided the donation of $2 or more was made to an appropriate charitable organisation and endorsed by the ATO in which a tax-deductible receipt was issued.
2. Home office expenses – If you use part of your home solely or principally for work, certain costs can be claimed for deduction such as cooling, heating, lighting, and depreciation of office equipment, internet services (only the work relate portion).
3. Self-education expenses – If you are undertaking a course/education that is directly related to your current employment you are entitled to a tax deduction on the following expenses; textbooks, stationery, computer expenses, student services, and amenities, allowable travel expenses, photocopying
4. Income protection insurance – Insurance premiums paid against the loss of income are entitled to a tax deduction. However, this does not include life insurance, trauma insurance, or critical care insurance.
5. Rental property expenses – This includes bank fees, gardening & lawn mowing, pest control, security, secretarial & bookkeeping fees, inspections of property and maintenance.

Forgot to include something?  Don’t worry that’s what your Prime Accountants are for, we will remind you before completing your tax return.

Want a hand with your tax strategies? Reach out to the expert team at PrimeAdvisory. Call 02 9415 1511 or send us an email.