Almost a Happy New Year, but thee is still the last minute things you need to strike off your list, such as pay all of your outstanding work related bills before tomorrow to enable you to claim it as a tax deduction. To maximise your dedutions, I’ve comprised a short list with links of what you should look at to make this tax time a little easier.

Of course, consult a qualified accountant if you are self employed, or are still unsure of what you can and can’t claim. Hopefully some of it will be a bit easier to learn yourself by going through these points.

Your tax time checklist

To help you get the best tax return possible, here’s a few things to tick off your “to do” list today:

1. Are you eligible for the Superannuation Co-contribution? If so, it’s up to $1,500 of free money.

2. If you use your car for work, don’t forget to estimate your motor vehicle expenses.

3. A 20% tax offset is available for out of pocket medical expenses over $1500.

4. Sponsor a child through a donation which is tax deductible.

5. The cost of having your tax return prepared is also an allowable deduction.

6. Income Protection insurance premiums can also be a tax deduction.

7. Small business owners who are selling business assets can take advantage of extremely generous “small business CGT concessions.”

8. You can claim up to $300 of work related expenses without the need to have written receipts. However once your claim exceeds $300 you must have receipts for the full amount.

9. Don’t forget all those miscellaneous work expenses such as union fees, seminars, trade journals, software and home office expenses. Even an appointment diary can be deductible.

10. Check the deductions fact sheet for your specific occupation to ensure that you are claiming everything that you are entitled to.

I hope this helps make your tax time a bit easier to keep track of.

PD