When tax time rolls around, every dollar counts. Many individuals, small business owners, and self-employed professionals in Ipswich may be missing out on valuable tax deductions. A tax accountant in Ipswich will ensure you claim everything you’re entitled to while staying compliant with the ATO. Let’s explore some commonly overlooked deductions that could put more money back in your pocket.
Work-Related Expenses You Didn’t Know Were Deductible
Not all work-related expenses are obvious. If you incur costs for your job that your employer doesn’t reimburse, you may be able to claim deductions. These can include:
- Home office expenses for remote workers or small business owners
- Union fees and professional memberships
- Work-related mobile phone and internet costs
- Tools and equipment under $300
To maximise your refund, keep detailed records of all expenses and receipts.
Car and Travel Expenses
If you use your personal vehicle for work purposes (excluding commuting to and from your workplace), you could be eligible for deductions. Tax accounting professionals in Ipswich recommend keeping a logbook to track:
- Kilometres driven for work-related travel
- Fuel, servicing, and depreciation costs
- Parking and tolls for work-related trips
For self-employed individuals, travel expenses like accommodation and meals may also be deductible if related to business operations.
Education and Professional Development
Investing in your skills can also offer tax benefits. If you take a course directly related to your current job or business, you may be able to claim the following:
- Tuition fees
- Course-related materials and textbooks
- Travel expenses for attending classes
Ensure the course directly improves your ability to earn income, as the ATO scrutinises claims that don’t meet this requirement.
Depreciation on Assets
Small business owners and self-employed individuals often forget to claim depreciation on assets used for their business. Computers, office furniture, and other equipment can be written off over time. The tax accountants in Ipswich at Clift Pearce Accounting Pty Ltd can help you determine the best depreciation method to optimise your deductions.
Superannuation Contributions
Making extra contributions to your superannuation fund can not only secure your financial future but also provide tax benefits. Personal contributions may be tax-deductible if they fall within the ATO’s contribution limits. Consulting with tax accounting professionals in Ipswich ensures you maximise this opportunity without exceeding thresholds.
Home-Based Business Deductions
Running a business from home? You may be eligible for deductions on:
- A portion of your rent or mortgage interest
- Utilities and internet costs
- Home office furniture and supplies
Proper documentation is crucial, so maintaining accurate records of expenses is key.
Need expert tax advice in Ipswich?
Maximising your tax deductions requires expert knowledge and careful planning. The tax accountants in Ipswich at Clift Pearce Accounting Pty Ltd have over 20 years of experience helping individuals and businesses navigate tax complexities. Don’t miss out on valuable deductions—call (07) 3202 1199 or complete our contact form today to book a consultation with tax accounting professionals in Ipswich and get your tax return right!
