General tax deductions

AUSTRALIA’S leading tax accountants at H&R Block are helping thousands of Australians take the stress out of tax by identifying opportunities to maximise their tax refund.

Listed below are a few tips to help get the best possible result:

Car expenses:

If your car is used for work-related travel, you may be able to claim a deduction. In previous years, there were four methods to calculate your claim, but from this year there are only two.

1 – Cents per kilometre method

You can claim a flat rate of 66 cents for every kilometre travelled on eligible work-related travel, limited to a maximum of 5,000 business kilometres per vehicle. You will need records to justify the total distance travelled – a diary or logbook could be used.

 

2 – Logbook method

You need a logbook, kept for 12 weeks, that records all business travel. From this log the business percentage can be calculated. This allows you to claim the business percentage of each individual expense (such as fuel, insurance, servicing and depreciation), but you must also keep detailed substantiation (receipts, invoices, etc.), as well as keep the logbook.

 

Self-education:

If you have undertaken and paid for study during the year that is related directly to your current job, you may be able to claim the costs related to that course. Expenses could include:

Course fees:

Text books and reference material.

Accommodation and meals (if you travel away for your course).

Motor vehicle expenses (if you drove to the course venue).

Home office costs if you studied at home.

Part of computer and Internet expenses.

There must be a clear connection between your study and employment and good records will be required.

Don’t forget other general deductions:

If applicable, make sure you claim donations of more than $2 to a registered charity, the cost of getting last year’s tax return prepared by an agent and union fees and professional memberships.

As is always the case, good records are required.

H & R Block is Australia’s largest tax preparation firm, preparing more income tax returns than any other tax agent.

Call 13 23 25 or go to hrblock.com.au for further information.

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About the Author: Glenorchy Gazette

The Glenorchy Gazette is your monthly community newspaper, reaching over 24,000 homes and businesses in the Glenorchy municipality. It is the product of Nicolas Turner, Justine Brazil, Ben Hope, Simon Andrews, Tobias Hinds and guest contributors, with support from advertisers.

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