Tax Tips 2023: Individuals
Although tax returns for individuals are not due just yet, the financial year’s end is near. Get ahead now by preparing all the documents required for your 2023 tax return so you can get your tax done quickly and get any refund due to you in your bank!
Income
The Australian Taxation Office (ATO) automatically receives information from your employers about the salary and wages that you have been paid for the financial year.
You need to also declare all income (even if it’s just a small amount) from other sources on your tax return. You’ll also need documents such as statements, invoices, and reports to show all earnings.
- Wages, salaries, allowances, or bonuses from all employers.
- Pensions, annuities, or other government payments.
- Investment income, including interest earned and dividends received.
- Business and hobby income, if you have a side business as well as a job.
- Foreign income.
- Crowdfunding income.
- Sharing economy income such as Uber or Airbnb.
- Income from overseas sources.
- Income such as hobbies, prize money, compensation, or insurance payments may be tax-free but check with us.
Work-Related Expenses
Employees are entitled to claim work-related expenses as a tax deduction. To claim a deduction, you must have spent the money out of your own funds and not have been reimbursed by your employer. The expenses must relate to your earnings as an employee. Ensure you have invoices and receipts as proof of payment for work-related expenses.
Expenses you may be able to claim
- Vehicle and travel expenses – use a travel diary to record details of trips taken for your employment.
- Clothing, laundry, and dry-cleaning expenses – occupation-specific clothing, uniforms, and protective gear can be claimed.
- Self-education expenses – some education expenses that relate to your current employment are claimable.
- Tools and equipment – if you buy gear to help you in your job, this may be claimable. Small tools of the trade, protective items, professional references, and laptops are some examples of equipment you may be able to claim.
- Superannuation contributions you have made are separate from your employer’s contributions.
- Occupation and industry-specific requirements – check the ATO fact sheets for your industry.
- Working from home – new rules apply this year, making claiming expenses for working from home more accessible. Check the ATO information for details.
Register now for us to prepare for your tax return, and we’ll make tax time easy for you – and get any refund that is be due to you.