Tax is a significant expense for every working Australian and every investor. Managing tax debt is vital to our financial health and lifestyle. Most people look at tax planning in detail only once a year, so it is important to refresh and update your knowledge with our comprehensive Tax Guides 2021.
Our Tax Guides available for your download:
- Business Tax Guide
- Investor Tax Guide
- Wage & Salary Tax Guide
- Record Keeping Guide
You can claim deductions for work related expenses you incurred while performing your job or conducting your business. Generally, a deductible expense is incurred when you have spent the money in relation to you earning income.
The general rules to consider before you decide to make any tax related claim are:
- You must incur the expense in this tax year; and
- The expense must not be reimbursed by your employer; and
- You must incur the expense while earning your assessable income. You cannot claim expenses of a private, domestic or capital nature. For example, the cost of normal travel to and from work and buying lunch each day are not allowable tax deductions; and
- If your total claims exceed $300, keep written evidence to prove the total amount, not just the amount over $300.
We all work hard so it’s important that we legally minimise the tax that we pay.
As a taxpayer, you should be working towards three main objectives:
- Get the maximum total tax deductions available to you, and
- Organise your taxation affairs with ease, and
- Minimise the risk of problems in the event of an audit review by the ATO.
We can help!
If you feel unsure about what you can claim, why not book a tax planning meeting with us. We use our checklist to address all options for your circumstances and devise a plan for your year end.Call: 07 3823 2344 Book your meeting here