Ensuring you effectively manage your tax claims is crucial. This involves the money deducted from your wages—whether weekly, fortnightly, or monthly—based on your gross earnings.
Each financial year, running from July 1st to June 30th, presents an opportunity to claim back some of the tax you’ve paid. Here are several tips to help you optimise your tax return:
- Maintain Records of Work-Related Expenses: Keep receipts for any employment-related expenses such as tools, equipment, travel, training, and clothing required for your job. To simplify this process, consider using the ATO app. This tool allows you to store all your work-related receipts and invoices digitally, eliminating the need to keep physical copies in places like your glove box or bedside table. Additionally, the app lets you track the progress of your tax return once lodged.
- Learn from your colleagues: Engage with your coworkers to discover what claims they have made and gather tips on maximising your return. They might also recommend trusted tax accountants.
- Charitable Donations: If you donate more than $2 within the financial year, ensure you obtain a receipt. These donations can be claimed as deductions against your taxable income.
- Explore Other Deductible Expenses: Many employees are eligible to claim deductions for a variety of expenses. These can include laundering compulsory uniforms, costs associated with a home office (including space and bills), and expenses incurred from working overtime or away from home, such as meals and lodging. Additionally, fees for industry seminars and memberships that support your professional role can often be claimed.
- Verify Your Submission: When lodging your tax claim, thoroughly check your information. This includes details from your employer, financial year pay summaries, and most importantly, your bank details to make sure you receive any refunds without issue.
If you’re new to using the ATO’s online self-lodging system and feel uncertain, don’t hesitate to seek assistance from someone who has successfully navigated it or consult a trusted tax accountant for guidance.
For more detailed information and additional resources, visit the ATO website: ATO Online Services.