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Everything You Need to Know About Claiming on Your Australian Tax Return
It's that time of year again! Australian tax returns are due on October 31st, and if you're like most people, you're probably wondering what you can and can't claim. In this blog post, we'll give you a run-down of some of the most common deductions so that you can be sure you're getting the most out of your return.
Work-Related Expenses
If you are an employee, chances are you will be able to claim some work-related expenses on your tax return. Common deductions include things like uniforms, work-related travel, and home office expenses. Remember, you can only claim expenses that are incurred as a direct result of your employment - so that means no claiming the cost of your morning coffee!
Business Expenses
If you are self-employed or run a small business, there are a number of deductions you can claim for business expenses. These include things like the cost of goods and services, office costs, and motor vehicle expenses. Remember, you can only claim business expenses that are directly related to your business - so no claiming the cost of your commute to work!
Interest and Dividends
If you receive interest from a bank account or dividends from shares, you will need to declare this income on your tax return. However, you may be able to claim a deduction for the costs associated with receiving this income, such as interest paid on a bank loan or fees paid to a financial advisor.
Conclusion
There are many things that you can claim on your Australian tax return - but it's important to remember that you can only claim deductions for expenses that are directly related to your employment or business. So if you're not sure whether something is eligible for a deduction, make sure to speak to Tax App or the ATO before lodgement day. And don't forget - tax returns are due on October 31st!
Disclaimer:
The content of these blog posts is intended to be of a general nature and should not be construed as tax or any other form of advice. We do not guarantee the accuracy or completeness of the information provided in these blog posts. It is imperative that you consult with a qualified professional, such as a certified accountant at Tax App, before taking any action based on the advice or information contained herein. Your specific financial and tax situation may require personalised guidance, and a professional consultation is recommended to ensure compliance with applicable laws and regulations.
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