It’s that time of year and your accountant can only do the best they can with the information you provide them. So here are a few things to consider when doing your tax.

Working from home

Working from home is tax-deductible. The 9-5 job doesn’t exist anymore and we usually take our work home with us or sometimes we even just work from home. This includes time spent checking emails, doing additional work-related study and back end admin. The ATO asks that you substantiate this by recording 4 weeks of working from home activity in some way. Calendar, diary or even paper-based.

Travel for work?

Home to the primary place of business does not count. Business to anywhere does. Home to clients directly, deductible.

You can either go with the default cents per km that the ATO has or you can log 12 weeks of your (best) travel and this maximises your return dramatically! You can use the ATO’s phone app or keep it old school and use the books you can buy at the newsagency.

Private Health Insurance

If you’re earning more than $90,000 this is a no brainer. The Medicare Levy Surcharge hurts. So get on top of this and look into taking out some cover. If you’re not earning more than $90,000 it still might make sense to take on health cover for other reasons.

We have access to a complimentary quote comparison service.

Break down your liabilities

You might have a smartwatch that you check your work emails on. If that takes 10% of your smartwatch use, 10% of that purchase is deductible. On your Airpods for work calls 50% of the time? Guess what. Deductible. Do the same with everything else. Home internet. Mobile phone. Subscriptions. Laundry.

Donations

Feeling generous. I find myself constantly donating and tax-deductibility is something I don’t think about. You may however have further deductions due to your generosity. To ensure it’s deductible you need to ensure it says DGR on the receipt and that your donation was made before the EOFY.

You have brains in your head. You have feet in your shoes. You can steer yourself in any direction you choose. You’re on your own, and you know what you know. And you are the one who’ll decide where to go. Dr. Seuss

Thank you for reading