Seriously – the Australian Tax Office wants you to claim every dollar you can. So if you haven?t yet lodged your 2014/2015 tax return, make sure you go through your potential tax deductions with a fine tooth comb and claim every deduction you can.
“With a lot of people lodging their own tax return with myTax we?ve put in a real effort to make sure information about deductions is out there and easily accessible because we don?t want people missing out on claims they are rightfully entitled to,” said Assistant Commissioner Graham Whyte.
“The guides tell you everything you need to know about what deductions you can claim, and cover common topics such as travel, education and home office expenses, deductions for tools and equipment, gifts and donations as well as personal super contributions.”
According to the ATO, more than one-third of those who have already lodged their tax return have done so via either myTax or e-tax.
Mr Whyte said self-preparers having doubts about available deductions just need to remember three golden rules.
“To get a deduction for a work-related expense you must have spent the money yourself, it must be related to your job and not a private expense and in most cases you must have a record to prove it,” Mr Whyte said.
Try the new ATO app
Mr Whyte said the ATO?s new tool myDeductions, available through the ATO App, was making it easier for taxpayers to keep records of their work-related expenses throughout the year.
“Thanks to myDeductions you can now record your expenses on the go using your smart phone or other device,” Mr Whyte said.
“The beauty of myDeductions is that when it comes to next tax time, rather than rummage through the old shoebox or glove box looking for receipts you?ll be able to upload your expenses straight into myTax or share with your tax agent.
“This means no more forgotten claims or lost receipts, and more money in your pocket after you submit your tax return.”
More information about deductions you can claim is available at https://www.ato.gov.au/individuals/income-and-deductions/deductions-you-can-claim/
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