There are certain tax deductions that you can claim as a taxpayer in Australia. The Australian Taxation Office (ATO) accepts solely those expenses which you can prove as substantial. If you are staying somewhere in Perth, Australia, a registered Tax Agent Perth can provide you the choicest assistance in this matter. So, before you lodge your pertinent tax return, it’s imperative to know the expenses which you can claim.
Common deductions which you can claim
Depending on the individual circumstances of each taxpayer, there are certain deductions that the ATO considers to be claimable. A comprehensive checklist including each of these deductions can be considered below.
- All the legitimate expenses related to the car.
- All kinds of travel-related expenses which include airfares, bills of taxis and accommodations, etc.
- The various trading tools are primarily used for working. These include things that cost more than AU$300. The expenses of such components can be indemnified through their relevant claimable deductions.
- Deductions related to work-related self-learning and training
- Costs pertaining to the depreciation of all your home office components
- Fees which you had to pay for seminars or conferences and
- Costs related to certain components like the internet, computers, and phone, etc.
Apart from these expenses, there are some other expenses on which you can claim tax deductions. These include expenses related to protection insurance policies pertaining to earning and donations and gifts etc.
How to claim your tax deductions?
The ATO requires you to adhere to the right strategies while you’re claiming your pertinent tax deductions. So, first of all, you must calculate each of your claims in the proper and expected way. Besides, you should have substantial records related to these calculations for showing to the Australian Taxation Office (ATO).
When claiming your deductions, it’s always better to create detailed records concerning their calculations. Subsequently, you can make a rundown of the same while providing them to the Australian Taxation Office.
Things to include in your tax deduction records
The ATO will conventionally accept your tax deduction records in the form of a valid receipt. Say, for instance, the receipt pertains to the supplier of certain services and goods. So, the following bits of information must be included imperatively concerning its claimable tax deductions.
- The date which is specified in the document
- The date on which the cost was being paid
- The specific category to which the goods and services belong
- The exact sum of the cost and
- The supplier’s name etc.
It’s imperative to remember that the ATO might ask you to prove your claim through proper evidence. So, ascertain that you remain handy with these records at least for five years from your tax return lodgement’s date.
Additional proofs required
Apart from the pieces of information given above, the ATO might ask you to provide a few things more. These crucial bits of information should pertain to the payment or that of the purchase indispensably. These include the following:
- A valid diary
- The statements of your credit card or pertinent bank and
- A substantial logbook for recording the various business or personal deductions related to certain things. These chiefly include computers, stationery items of office and costs related to membership fees and petrol, etc.
Aside, there are some other things more which the ATO might instruct you to submit unfailingly. A substantial payslip, email receipts, reference numbers of BPAY, and PAYG briefs are some of them.
What the ATO does not accept?
Irrespective of your taxing circumstances, the ATO will not accept certain things related to your claimable tax deductions including:
- A catalog or a brochure with the price of an item specified on it.
- The tag of a price which is devoid of any substantial evidence and which could not substantiate your purchase and
- Explanations that are written and which have proved that the payments were made in cash.
So, do you also wish to claim all the pertinent deductions on your tax return? If so, then contact a top-notch registered tax agent in Perth, Australia immediately. A tax agent in Perth is adequately knowledgeable to identify the choicest tax deductions to which you are entitled to.
A substantial receipt: Imperative or optional?
The Australian Taxation Office (ATO) does not require a receipt for any tiny ticket items costing AU$100 in total. However, you need to provide a receipt if they don’t fall under the following categories.
- If you’re the owner of a business and you became subject to the said expenses while earning a particular income.
- You’d paid the cost for yourself and your workplace did not reimburse the same or
- If the expenses are required for work or directly pertain to it.
To get the choicest assistance, get in touch with an accomplished tax agent in Perth, Australia immediately. Whether it’s your individual tax return or business tax return a tax agent in Perth will help you impeccably. As a result, you will be able to claim the most remunerative deductions to the Australian Taxation Office (ATO).
