Am I eligible for any Tax Deductions?
Most probably – Yes You Are! However, it requires a complete study of your financial status and your expenditure. Following is some brief information about the kind of deductions Australians can enjoy. Remember – there is a big difference in the tax-related policies for residents and non-residents. Understandably residents are provided with certain perks. Still, the Australian tax laws are much more balanced than the regulations intact in other countries. Here, non-residents are also not taxed brutally. In the reality, some benefits are offered exclusively to the non-residents only. Now, let us proceed with the deductible incomes!
1) Travel & Vehicle Expense
Being an Australian resident, self-employed or salaried individual you are eligible for deducting any work related travel expenditures. There is a technicality involved here and all kind of trips between your home and work location are not covered! Our tax agents are quite literate in this regard and they can help you in understanding this policy and enjoying its benefits in full
2) Deductions on Gifts and Donations
Are you a keen donor? Well, this habit of donating is going to bring various deductions for you. So keep donating, keep working for the betterment of those who are in need and as a result, you will be able to save taxes! Please keep in mind, this policy is valid for the approved organizations only. Let us assure you – every better charity organization is on the list that is called, “’deductible gift recipients’ (DGRs)”. So – don’t donate to those who are not deemed reputable by the government.
3) Deductions on Self Education Expense
The Australian government loves those who love education. If you are spending money on self-education and are enrolled in one or several of their approved courses then you are eligible for claiming a deduction on the amount you are spending in this regard. OfficialTaxaPreparation have tax agents who have a comprehensive knowledge and information on this subject. So, don’t waste your time and go with a better income tax return this year!
4) Deductions on Account of Managing a Home Based Office
With the passage of the time, the internet is going huge. Today, millions of people are managing their businesses online. These self-employed individuals are used to operate online while using their domestic resources without even leaving the comfort of their home. Now, the Australian government is looking generous for those who are working from home. If you are the one who has a home based office then you can apply for multiple deductions. Please contact us to learn more and to start saving more!
5) Uniforms and Occupation-Related Apparel
Do you know – the habit of wearing clean clothes on work can bring you tax deductions? Yes! The taxation department is willing to provide you with a coverage against the money you are spending on your occupation related clothing. Whether it’s the purchase of new clothes or the laundering of the existing ones – you are allowed to claim a deduction for that. We OfficialTaxaPreparation are working with hundreds of clients and helping them in brining whatever kind of deductions they are entitled to.
6) The Purchase of Tools and Equipment
The purchase of tools and equipment that can enable you in earning money makes you entitled for tax deductions. Whether it is a well-designed digital gadget or anything basic like a hammer. Just proceed with a purchase and the tax office will provide you with a full or a partial coverage. Here, let us inform you one thing. Online marketers who are using different devices including computers and networking routers can now expand their network without fearing because of taxes.