Tax time doesn’t have to be painful. It’s exciting to get money back from taxes you have already paid, but sometimes it feels like it’s complicated to figure out what you can and can’t claim.  

If you’ve ever been unsure about work related expenses like special clothing, tools, sunscreen or whether you need receipts for everything, the ATO (and your accountant) has got you covered.  

Why Would I Need to Check My Deductions?  

While your accountant is an expert, it’s always good to understand the basics of what they are doing for you. It means you can ask better questions and use the knowledge and understanding to better plan taxes and expenses in your home and business.  

If you have staff, the ATO has prepared posters you can print for their education too, to ensure they’re getting the most back from the government after a year of tax.  

Your accountant can only go by the information you provide, so if you forget something, and don’t mention it to us, you may be missing out. Conferences, education, travel, and other work-related expenses may be forgotten over time, so checking these sorts of sites can help jog the memory!  

Deductions for Occupation and Industry Specific Roles 

The guides are produced to help everyone get their rightful tax returns. You can use them to check your entitlements, and make sure that you’re doing the right thing.  

Guides for Personal Tax Returns 

Just scroll down to check out the list of documents and have a look to find out more. And if you need more than general advice, there’s often more links provided, or chat with your accountant!  

Business Guides  

Business taxes are a lot more complex than personal taxes, so we strongly recommend you use an expert to complete your tax obligations.  

Business Deductions Guide 

Each business structure will also have it’s own taxation schedules and rates, which is also the main benefit a business might move from a sole trader to a company or trust. Businesses also have more depreciation opportunities and asset management required, so bookwork and administration becomes very important.  

If you’re ready to get ahead of the new financial year and get your tax foundations sorted, we offer tax support through coaching, mentoring, bookkeeping and accounting services. We love making taxes easy, so check out our Tax page by clicking here! Or you can give us a call on 08 9185 9400 to book a chat with one of our experts.