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Starting with your Tax Returns
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Here's a checklist of things you can take off from your declared income tax value:
– Expenses for hiring an accountant to do your tax bill
– Work-related costs, like telephone calls, union fees and magazine subscriptions (if these were not reimbursed by
your employer)
– you're allowed to deduct up to $300 in work-related expenses without a receipt.
– tax offsets for taking private health insurance
– availing of lower tax rates on the portion of your salary going into your super fund
– tax offsets for contributing to your spouse's super fund (up to 18% on a maximum contribution of $3000 when the
spouse earns less than $10,800)
– income protection insurance premiums
– travel expenses between first and secondary jobs
– 20% of medical expenses over $1500 (with receipts)
– partial cost of Internet usage for income-generating activities
– Baby Bonus claims are now processed through the Family Assistance Office.
If you have a complex
set of records or if you're handling a business, a tax return accountant might be able to get more deductions for you after studying your case. Rates charged may range from less than fifty dollars to more than two hundred dollars per hour. This fee is also deductible from your tax bill. With Australia's current
tax regulations that allow multiple deductions that may or may not overlap, a tax return accountant will be able to use specialist know-how to maximise your tax cuts. |
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