Tax Deductions

I am a nurse. how can I maximise my tax return? What deductions can I claim?

As a nurse, several expenses can be claimed depending on your position an duties. Some possible expenses are Union fees, Nurses registration fee, Uniform, Laundry expenses, Protective shoes, travel between hospitals by car or train, courses relevant to the job, tools such as stethoscope, nurses watch, books, stationary etc. All above are subject to ATO conditions and may vary
 for every individual tax payer.

I am a trades person. Can I claim all my tools and do I get all my money back?

Yes, if yours tools have been bought for work purpose and are required to complete the assigned tasks at work you could claim a deduction for the tools. You do not get all the money back but it is claimed as a deduction and you receive a refund of the proportional tax. ATO conditions apply

I am a teacher. Can I claim home office expenses?

Yes, you can claim home office expenses as a deduction in your tax return provided you use the home to perform work for the school and you are being remunerated for that. Other ATO conditions also apply.

I am a waiter. What deduction can I claim?

As a waiter like any other profession you can claim deductions related to performing your work. Some deductions relating to your profession could be tools like waiters friend, Uniform expenses, Laundry expenses, WORK RELATED courses, protective shoes.

I have been told by my union that I can get 100% back from my union fee, Is it true?

It is an interesting tax advice question we encounter many times. No, you do not get 100% of you union fees back. It is a deduction and you receive a tax refund to the proportion of the deduction you have claimed.

I am a marketing manager and have to do extensive travelling between clients. How can i claim my car expenses?

there are two widely used methods to claim car expenses in your tax return – Log Books method and Cents per rate method provided you meet the ATO conditions. Mainly the car should have been used to travel for work purposes from work to work or to clients. The car has to be registered on the tax payers name. The log book method is used when the tax payer has used the car for more than 5000 kms for work. In this case tax payer has to maintain a log book and also keep receipts for all the car claims such as fuel, insurance, repairs, etc. The cents rate method is used when the tax payer has travelled less the 5000 kms. In this case a diary of the kms has to be maintained but no receipts are required.
There are some other conditions to be met while claiming car expenses and it is best to discuss your situation with the Tax agent before you decide to make the claims.

I am a bus driver and I also drive taxi on the weekend. Can I claim sun protection gear?

Yes, if your work involves working in the sun you can claim sun protection gear in your tax return. These could be sun glasses, sun protection creams, hats, etc.

I am a IT professional. Can I fully claim the value of the laptop that I bought for my work?

Any item bought for work purpose can only be claimed fully as a tax deduction if the value of the item is less then $300. If it is more than $300 it needs to be depreciated.

I have a rental property. Can I claim stamp duty paid during purchase as a deduction in my negative gearing for the investment property.

Generally you cannot claim stamp duty as a deduction in your rental schedule, however you may be able to claim it when you have  a capital gains from the property if you sell it.

What are some of the major deductions that can be claimed when claiming a rental property in the Income tax return?

Some of the major deduction depending on individual situation could be Interest on Loan, Council Rates, Body Corporate Rates, Property agents Commission, Repairs and Maintenance, Depreciation on building and fixtures, Land Tax etc.

Taxation

Do You lodge late tax returns?

If you have missed the tax deadline. Accurate Business & Accounting Services can definitely help on late tax returns. Most people generally need to lodge an income tax return every year. However, some may have been too busy work schedule, overseas travel, or found that it was just too complicated to lodge their tax return.

Just call 02 9787 2155 or visit our office today and book an appointment.

How Much Do People Pay in Taxes on income?

Resident tax rates 2018–19

Resident tax rates 2018–19
Taxable income Tax on this income
0 – $18,200 Nil
$18,201 – $37,000 19c for each $1 over $18,200
$37,001 – $90,000 $3,572 plus 32.5c for each $1 over $37,000
$90,001 – $180,000 $20,797 plus 37c for each $1 over $90,000
$180,001 and over $54,097 plus 45c for each $1 over $180,000

Check more on ATO: https://www.ato.gov.au/rates/individual-income-tax-rates/

Bookkeeping

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All the above are subject to ATO conditions are not any form of advice as they may differ in every Individual tax payers situation. Hence please take your Accountants advice before claiming them.