Top 5 Tax Deductions | Gotax Individual
June 21, 2024
Maximise Your Tax Refund: 5 Tax Deductions You May Not Know About
Tax time can be daunting, but knowing the right deductions can help you maximise your tax refund. In this guide, we'll explore some lesser-known tax deductions you can claim on your Income Tax return, including tips on how to maximise your tax deductions and get the maximum tax refund possible.
Index
- What is a Tax Deduction?
- 5 Tax Deductions for Your Online Income Tax Return
- Maximise Your Tax Deductions with GoTax Online
- Consult a GoTax Expert
What is a Tax Deduction?
A tax deduction is a work-related expense that reduces your taxable income, which in turn reduces the amount of tax you need to pay. However, remember that you won't get back 100% of what you claim; the 
refund is based on your taxable income tax rate. But don’t worry – we’ve got you covered with these top tax deduction tips.
5 Tax Deductions for Your Online Income Tax Return
Work-Related Car Expenses
If you use your car for work (excluding commuting to and from work), you can claim car expenses. Make sure to keep a logbook tracking your work-related kilometers. This helps substantiate your claim and ensures you maximise your tax deductions.
Mobile Phone Expenses
Using your personal mobile phone for work purposes, such as calling clients or customers, allows you to claim a portion of your phone bill. Keep copies of your itemised monthly bills or maintain a log to determine the work-related portion.
Internet Expenses
Working from home often requires internet usage. If you use the internet for work, you can claim a portion of your internet costs. Similar to mobile phone expenses, keep a monthly logbook recording your work usage to substantiate your claim. All the logs you will ever need are contained in the Gotax Deduction Grabber App.
Home Office Expenses
If your job requires you to work from home, you can claim home office expenses such as computer costs, electricity, and office furniture. Keeping a monthly record of your home office hours will help you accurately claim these expenses.
Tax Agent Fees
Don't forget that the cost of using GoTax to prepare your individual tax return is tax-deductible in the following year. This is an easy deduction to claim and can help reduce your taxable income.
Maximise Your Tax Deductions with GoTax Online
With GoTax Online's advanced etax system, you can easily identify and claim common tax deductions for your occupation. This ensures you don’t miss out on any eligible deductions, helping you achieve the maximum refund possible.
Consult a GoTax Expert
While our system provides comprehensive tax deduction advice, it’s essential to remember that tax information can be complex and subject to change. For personalised and accurate tax advice tailored to your situation, consult one of our GoTax experts. They can evaluate your circumstances and help you make the most informed decisions.
Use GotaxAi
By using Gotax, you have access to GotaxAi. Our Ai empowered tax Q&A that can answer your tax questions easily, just ask!
By understanding and utilising these tax deductions, you can reduce your taxable income and maximise your tax refund for the 2024 income year. Stay informed, keep detailed records, and consult with GoTax professionals to ensure you’re getting the tax deductions you deserve.
5 Tax Deductions You May Not Know About
What is a Tax Deduction?
These are your work-related expenses that help decrease your taxable income which in turn, decreases how much tax you have to pay. The catch with tax deductions is that you never get back 100% of what you are claiming, it’s based on your taxable income tax rate. But that’s something you don’t need to worry about…
Before you prepare your etax return there are a number of
tax deductions that you may not know about or have forgotten.
The top 5 missed tax deductions are:
Claiming work-related car expenses:
If you use your own car for work purposes, except for driving to and from work, you may be able to claim some car costs. You need to keep a log book that keeps a track of the number of work km’s done.
Mobile phone:
If you need to use your personal mobile phone to make work calls, such as calling customers or clients, you may be able to claim a portion of your phone bills. You either need to keep a copy of your itemised monthly bill or keep a log to determine what portion you can claim.
Internet:
Do you work from home and need to use the internet? If the answer is yes, you may be able to claim a portion of your internet costs. Similar to claiming your mobile phone, you need to keep a monthly log book that records your work use.
Home office:
If you are required to work from home you may be able to claim some home office expenses such as computer costs, electricity, and office furniture. Just keep a monthly record of the number of hours you worked at home.
Tax agent fees:
Don’t forget that the cost of using Gotax to do your Individual tax return is tax deductible in the following year.
So make sure you enter in all of your work-related expenses into your Gotax Online etax return to get back the tax deductions you deserve!
Get the most out of your etax return and never miss a tax deduction again with GoTax Online
Our state of the art etax system shows you the common tax deductions for your occupation that you can claim on your etax return.
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.
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