Although your tax return is not due just yet, the end of the financial year is nearing…have you captured all your work-related deductible expenses to make the most of your 2022 individual tax return?
The Australian Taxation Office (ATO) automatically receives information from your employers about your salary and wages for the financial year. You need to declare all income from other sources on your individual tax return as well.
Even if you have only earned a small amount from one of these sources, it still needs to be declared on the tax return. Gather all your records for anything you have made apart from salary and wage payments from employers.
You will need:
Employees are entitled to claim work-related expenses as a tax deduction. To claim a tax 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. Make sure you have invoices and receipts as proof of payment for any work-related expenses.
The ATO recognises that some occupations and industries have specific requirements for which employees need to pay.
There are handy ATO fact sheets for many industries, including hairdressers, teachers, performing artists, hospitality workers, lawyers, medical professionals, etc.
These guides are a great starting point if you are unsure what you can claim, but we can give you information tailored to your situation when you do your tax return.
If you have made personal superannuation contributions separate to your employer’s superannuation guarantee contributions, you may be able to claim this as a tax deduction. You will need to provide a notice of intent to claim form to your super fund and receive acknowledgement from the fund before doing your tax return.
Book a time with us to prepare for your individual tax return, and we’ll make sure you maximise your allowable tax deductions this year.