Tax Survival Checklist

In The Black recently published their 11 tax survival tips.  It’s basically a checklist to ensure that you get all the tax deductions two which you are entitled.

Here’s the short version:

Even if you fall under the tax free threshold, make sure you file a return if tax has been deducted at source.

Claim all work related deductions: uniforms and laundry, employment related telephone, mobile and internet costs, subscriptions and union fees.

Claim eligible self education expenses;  course fees, textbooks, stationary, student union fees and depreciation of assets such as computers my be eligible.

Claim home office expenses: heating, cooling, lighting and depreciation of office equipment all may be allowable.

Maximise motor vehicle deductions:  choose the right method dependent on degree to which you use the car

Deduct depreciation expenses: Tools, calculators, briefcases, computer equipment purchased for work purposes may be tax depreciable.

List rental property deduction:  advertising, bank charges, body corporate fees, cleaning, council rates, electricity and gas, gardening, insurance, loan interest, land tax, lease preparation expenses, legal costs, pest control, postage and stationary, property agent fees, repairs, bookkeeping fees, telephone charges and water rates are all deductible for landlords.

Optimise your tax offsets:  are you eligible for the low-income tax offset, senior Australian tax pensioner offset or offset for superannuation contributions made on behalf of a low-income spouse?

Secure medical expense offset:  a 20% offset is paid on net medical costs exceeding $2120 if your income is below $84,000 ($168,000 for families), and 10% for net medical expenses in excess of $5,000.

Consider tax effective superannuation contributions

Get all your SMSF tax deductions

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