Tax Deductions: 4 Things You Can Claim

If you are getting ready to file a tax return for the past year, you may not be aware of the fact that you can claim deductions on certain expenses which will help to reduce your overall tax bill. Below is a guide to some of the things you can claim when completing your tax return.

The cost of trade union membership or professional body

If you are a member of a trade union, you will be able to claim the cost of any dues or fees you pay in order to maintain your membership. The same is true if you are a member of a professional body which is related to your area of work.

The cost of operating your mobile phone

If you use a mobile phone as part of your work, you will be able to claim the cost of any work-related calls. However, it is important that you do not claim for any personal calls made using the same mobile phone. In order to make an accurate claim, you should request an itemised bill so you can clearly see which numbers you called and the associated cost.

The cost of running a home office

If you work from home and you maintain a home office, you should be able to claim for any reasonable running costs associated with this. Reasonable costs involve the purchase of electronic equipment which is used as part of your work, the cost of electricity and the cost of stationery and postage stamps. When calculating the cost of electricity, you will typically claim a percentage of your total home energy bill. For help with this calculation, you should contact a tax agent who will be able to provide further assistance.

The cost of running a vehicle

If you use a vehicle when carrying out your duties at work, you should be able to claim a deduction which covers some of the cost of doing so. For example, you can claim the cost of the fuel you use to drive to and from work. You can claim 68 cents per kilometre. However, you can only claim up to 5,000 kilometres of travel.

If you would like further information about claiming deductions as part of your tax return, you should get in touch with a tax consultancy today. A tax agent will be happy to review your accounts to ensure you pay the correct amount of tax.