RakTax Accountants

This means you can’t just copy and paste your deductions from last year 🙅

You may however be able to claim similar expenses as deductions in your new tax return.

To claim a deduction for a work-related expense, there are 3 golden rules:

1. you must have spent the money yourself, and weren’t reimbursed
2. the expense must directly relate to earning your income
3. you must have a record (usually a receipt) to prove it.

👉 If your expense was for both work and private purposes, you can only claim a deduction for the work-related portion.

Maximizing refunds, minimizing stress

https://www.tpb.gov.au/tpb-taxtime?fbclid=IwQ0xDSwLJRT1leHRuA2FlbQEwAGFkaWQBqyMjK__sywEeVMYE1haSWvnOATRR2FGST2Znn-3n_47nfzXnTrl0Rf5De3NaMsaQvMbnEeE_aem_DW3K2fcRdklao4clZ6WVuQ&utm_medium=paid&utm_source=fb&utm_id=120228448133590219&utm_content=120228448133570219&utm_term=120228448133580219&utm_campaign=120228448133590219

TPB Tax time | Tax Practitioners Board TAKE THE GUESS WORK OUT OF TAX TIME THIS YEARIf you use someone to prepare or lodge your tax returns, notices or statements, or to provide you with tax advice this tax time, make sure they are registered with the Tax Practitioners Board (TPB).Engaging with a registered tax practitioner ensures the s...

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Wishing you a Christmas that’s merry and bright, filled with love and joy. Have a wonderful holiday season!