How to get a bigger tax refund. Pt. 2

How to Get a Bigger Tax Refund

In our previous blog, we covered some great tax deductions to help boost your refund. Here, we continue with more awesome tax deductions to maximise your income tax return.

Index

1. Travel Expenses 
2. Laundry Expenses 
3. Income Protection Insurance 
4. Union or Membership Fees 
5. Books, Periodicals, and Digital Information 
6. Technology and Internet 
7. Tools and Equipment 
8. Tips for Record Keeping

1. Travel Expenses

If you travel for work and incur costs for travel and accommodation, you can claim these as tax deductions. Ensure you keep records of your work-related travel, such as a travel diary and receipts. Remember to report any allowances from your employer as income on your online income tax return.

2. Laundry Expenses

If you wear a uniform with your company’s logo, you can claim up to $150 per year for laundry expenses without needing tax receipts. This is an easy way to maximise your tax deductions and get a bigger tax refund.

3. Income Protection Insurance

Your income is your most important asset. If you pay for income protection insurance directly from your personal bank account (not through your Superannuation), you can claim the premium cost to get a larger tax refund.

4. Union or Membership Fees

You can claim out-of-pocket expenses for registration fees if you are a member of a union or a professional body. This is another excellent tax deduction that can help maximise your tax refund.

5. Books, Periodicals, and Digital Information

If you purchase educational and trade publications, either print or digital, that relate directly to earning your income, you can claim these as tax deductions. For example, a doctor purchasing a medical book can claim this tax expense.

6. Technology and Internet

You can claim the depreciation on your computer or laptop if used for work as a tax deduction. Don’t worry if you’re unsure how to calculate this—the Gotax software works it out for you. You can also claim the work-related percentage of your home internet use and phone expenses as tax deductions.

7. Tools and Equipment

If you buy items required for your job, such as tools, non-slip nurse shoes, or stationery, you can claim these as tax deductions on your income tax return.

8. Tips for Record Keeping

Keep a record of everything you want to claim, including receipts, invoices, logbooks, and diaries. Proper record-keeping can result in a bigger refund and reduce the risk of fines from the ATO.

9. Using the GoTax Deduction Grabber App

You can safely store and record all your tax deductions and receipts using the free GoTax Deduction Grabber App. Scan the QR code to download it now and ensure you never lose a tax deduction again.

Start your tax return now at GoTax.com.au.

Get you tax questions answered with Gotax Ai, start now.

Note: The information provided is general and subject to change. Contact one of our professionals to evaluate your circumstances and provide accurate advice tailored to your current situation.

How to get a bigger tax refund. Part 2

In our previous blog, we spoke about some great tax deductions to help you boost your refund, we will continue listing down s

ome awesome tax deductions to maximise your refund below:
 

Travel Expenses

If you have to travel for work and spend any money on the costs of travel and/or accommodation, you can claim these as tax deductions – make sure you keep records of your work-related travel (e.g. a travel diary and receipts). Remember to include any allowances you may receive from your employer as income on your etax online income tax return.

Laundry

Ugh – everyone hates doing the laundry! An upside of this though is that if you wear a uniform for work that has your works company logo on it, you can claim tax deductions of up to $150 per year for laundry expenses without receipts.

Income Protection

Your most important asset is your income.  So, if you pay for income protection insurance directly from your personal bank account (NOT through your Superannuation), you can claim the cost of the premium to get a bigger tax refund.

Union or Membership Fees

Did you know you could claim the out-of-pocket expenses for registration fees if you are a member of a union or a professional body? Another great Tax Deduction.

Books, periodicals, and digital information

If you have purchased educational and trade publications, either print or digital, that are directly related to earning your income you can claim these as a tax deduction. E.g. A doctor purchasing a medical book.

Technology

You can claim the decline in value (depreciation) on your computer or laptop if it is used for work as a tax deduction. Don’t stress if you don’t know how to do this – our etax software will help you work this out. You can also claim the work-related percentage of your home internet use and phone expenses as tax deductions as well!

Tools and equipment, including protective items

If you buy items that are required for your job e.g. tools, non-slip nurse shoes, stationery, etc. you can claim these as tax deductions on your Income Tax Return.

Don't forget!...

Keep a record of everything you would like to claim, e.g. receipts/invoices, logbooks, diaries.

Having the correct records may result in you receiving a bigger refund and will decrease the risk of being potentially fined by the ATO.

AND...

You can safely store and record all your tax deductions and tax receipts on the FREE gotax Deduction Grabber App.  Scan the QR code and download now..

Note that the information provided is general in nature and subject to change, please contact one of our professionals who can evaluate your circumstances and provide more accurate advice to your current situation.