Are you looking for a tax agent who provides cheap tax returns; however it is not necessary that the tax agent providing cheap tax returns will ensure you get all the possible Deductions.
Most individuals these days, when claiming for tax deductions, look no further than general work-related deductions. However, when completing your tax return, you’re entitled to claim deductions for some expenses as long as they are allowable and relevant to your profession.
Some of the expenses individuals incur while doing their job, as well as bank fees, charity donations and clothing expenses may be able to be claimed. Taking advantage of the deductions available for claim can be a straightforward and simple way to reduce your taxable income. You subtract these allowable deductions from your total income to arrive at your taxable income – henceforth; you only pay tax on your taxable income.
Having said that, there are certain rules set out by the ATO for claiming a deduction:
Furthermore, to make a deductions claim, the purchases you make must be during the course of your taxable income (as stated above) and it must not be private, domestic or capital expense.
You might ask here, “What if the expense was both work-related and private or domestic?” According to ATO, if that is the case then you can only claim a deduction for the work-related portion of that expense.
It should also be known that there are a couple of limitations that apply when claiming deductions. You can’t claim a deduction for:
Here is a list of common expenses that may be able to be claimed, depending on your circumstances:
There are just a few areas from which you might be eligible to claim deductions. For more information and to see how much you can reduce your taxable income, contact one of our expert tax agents and accountants in Hallam, Lyndhurst,Lynbrook,Cranbourne today on 1300 300 106 to find out what you can claim on your tax returns.
Call Tax Accountants Cranbourne at 1300 300 106 for further information.