TOP TAX TIME TIPS

with RP DUNK & Co. Chartered Accountant

Raoul P. Dunk, Chartered Accountant, has been a proud member of the Salisbury business community for over 30 years. He shares his top tax tips to get the most out of your return this year.

Work related deductions

You may be able to claim a deduction for expenses you incur that relate to your work such as transport and travel, clothing, laundry and drycleaning expenses, working from home and self-education. Other deductions include the cost of managing your tax affairs and charitable donations.

Follow the three golden rules for claiming a work-related deduction:

1. you must have spent the money yourself and weren’t reimbursed

2. the expense must directly relate to earning your income

3. you must have a record to prove it (usually a receipt).

Make sure you keep receipts, diaries and documents to back up your claims and show how you calculated your deductions.

Working from home

Did you work from home at all this year? Utilise the temporary shortcut method to save time.

Created at the height of the pandemic to respond to the sudden influx of makeshift home workspaces, the working from home temporary shortcut method allows claims at the all-inclusive rate of 80 cents per work hour without the requirement of a dedicated work area. The only proof you need is a record of the number of hours you’ve worked from home, such as a timesheet.

Work out your motor vehicle expenses the right way

If you’re eligible to claim motor vehicle expenses, there are several acceptable methods to calculate them. Depending on your situation, you can use the cents per kilometre method, the logbook method or actual costs based on receipts.

Get prepared for next year

If you spent countless hours recently trying to find your receipts, or if these receipts are now faded and unreadable, come up with a better plan for next year. The ATO’s myDeductions tool can record your expenses ready for tax time next year. You can track expenses, vehicle trips and take photos of your invoices and receipts then email your data to your tax agent.

If you’re lodging your own tax return, you need to lodge it before 1 November 2023. If you use a registered tax agent, they have special lodgement schedules but you’ll need to get on their client lists before 31 October to take advantage of late lodgement dates.

For stress-free tax return preparation and lodgement, call Raoul on 8281 9688. Your first meeting is free.