So before June 30 arrives make sure you’re prepared. Have you thought about what you’re going to claim this year? Is there anything you could buy now that would count as a tax deduction? There’s still time to buy something before the end of this financial year – and chances are you can find it on Gumtree. Just don’t forget to ask for a receipt!
If you work for yourself or do days from home, you may be entitled to claim office equipment. Check out Gumtree for office supplies such as mobile phones, laptops and printers. Take note – there are strict rules on how much you’re allowed to claim, so make sure you’re up to speed before you submit your return.
Tools of the trade:
Depending on your line of work, you might need to buy your own tools or equipment. And if they’re relevant to your trade you can usually claim some of the costs. This could be anything from cameras, power tools, cosmetics, fitness gear – whatever you need to get the job done. Don’t forget, if you use these items for personal use too, you’ll need to factor that in when making your claim. Always check with the ATO to ensure you are following guidelines.
When your study is work related, you can usually deduct educational expenses. If you’re looking to stock up on supplies for next semester, you can find plenty of text books, calculators and stationary on Gumtree. Just remember to check with your accountant which expenses you can claim and what proof of purchase is required. And guess what, if you are in the hunt for a new accountant you can find one on Gumtree also!
Tax time tips:
• Is it work related?: The general rule is that if you spend money on something for work, you should be able to claim some of it back. Precisely how much you can claim (if anything) will depend on your job and how you use what you’ve purchased
• Always keep receipts: You never know when you’re going to be audited so hang on to those receipts. If you’re buying second-hand, ask the seller to write one for you including the original cost of the item, the price you paid, as well as the date and a signature – check with your accountant in advance in case there’s anything else you’ll need
• Hire a professional: Working out tax deductions can be tricky, especially when it comes to work expenses and annual depreciation. It’s always best to use an accountant so you can be confident your claim is correct
We all love getting a good tax return but it’s important to do it right. So gather those receipts, find a good accountant, and make sure you have everything you need to lodge this year’s claim. It might be a bit of work, but it’ll be worth it when you get your return!