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If you earn a salary you probably do. You must declare all your income but you can also claim your work-related expenses.

The complete details pertaining to who must lodge a tax return can be found on the ATO website Click here for the link. Tax return is how you report your annual income and deductions to the Australian Taxation Office (ATO), and ensure you have paid the right amount of tax, no more no less. For many of us, this means we might get a lump sum tax refund.

Tax return needs to be lodged each year from 1 July until 31 October.  A tax return should ideally be prepared and lodged by a registered Tax Agent. This will offer peace of mind to ensure that you have maximised your deductions and the tax return is lodged by the book.  Getting your tax deductions right the first time will not only increase the tax refund but also reduce the amount of stress it takes when you file your taxes.

Lodging your tax return done on time is the best way to avoid late lodgement penalties and get a tax refund on time, especially for those who have calculated that a sizeable refund might be coming their way. Australian Taxation Office (ATO) has expanded its options for lodging tax returns to make the process as convenient as possible in the majority of cases.

Completing a tax return does not need to be confusing or stressful. You can lodge your tax return using a registered tax agent or you can do it yourself online using myTax, the Australian Taxation Office’s (ATO) free tax return preparation and lodgement software.

If you lodge your tax return through a registered tax agent you will generally get an extension to 15 May, depending on your compliance history with ATO. You will need to submit your tax return by 31 October if you don't lodge it through a registered tax agent. You have four months (from 1 July to 31 October) to prepare your own tax return. In order to avail the lodgement extension to 15 May, you will need to register with a tax agent by 31 October.  This particularly helps in those instances where you might be expecting a tax bill.

We GUARANTEE all our clients a maximum tax refund! For quick, easy and comprehensive online tax returns, contact our friendly team today.  


In some cases, you may need to lodge a tax return even though you might not have reached a tax-free threshold. For example, you may have only worked for only a short time but have had PAYG withheld from your pay. Even though you have earnt less than the tax-free threshold, you will have to lodge a tax return in order to receive PAYG withheld refund. Resident companies (except non-profit companies), trusts, partnerships and superannuation funds are required by the ATO to lodge the tax returns irrespective of income.

Any other questions regarding your tax return, feel free to call our expert Cranbourne Tax Agents at 1300 300 106.

Dont Get Caught Out!!!


Tax Office has advised Tax Agents that it is increasing the focus on the investment property deductions in 2015 Tax Returns. Investment-property


ATO will be paying extra attention to the excessive tax deductions claimed especially for holiday homes. ATO has identified that deductions are not being properly apportioned where the property was not available for rent for the whole year.


ATO will be running a campaign to educate property owners about what they can rightfully claim. ATO will be sending letters to investment property owners in holiday locations providing them with guidelines for the deductions.


Common deductions that are being claimed incorrectly are interest, rates, utility expenses, insurances, depreciation etc.


Don’t get caught out! Please ensure that you only claim deductions for your holiday homes for the period it was actually available for rent.


Call one of our expert accountants Cranbourne or tax agents Cranbourne at 1300 300 106 to ensure you are claiming the right amount, no more, no less. Stay out of hot waters with the Tax Office.

Do you travel for work purposes and not sure what you can claim, read further to find out what constitutes as work related travel.Travel-expenses


Car Expenses:


Carrying bulky tools & equipment: You can claim the car expenses if you need to carry bulky tools & equipment with you to work and can prove that it is essential to transport the equipment and there is no secure area at your workplace. This specially applies to trades people who carry heavy tool kits with them to work.


Work related travel expense can also include cost of travel for one work place to another work place which can be a second job or alternative workplace.


Travel form home to an alternative work place such as a job site can also be claimed as work related travel.


If you have a shifting work place i.e. you work at more than one place each day – in this case you will be entitled to claim the cost of travelling. 


Parking & Tolls


Parking expenses can be claimed in the following situations:


When you are travelling between two places of work.


When you are travelling to a place of education provided the self-education expenses are work related.


In the normal course of travel when you are transporting bulky equipment in your vehicle. 


Overnight Travel Expenses


You are allowed a deduction for the travel expenses when you sleep away from home for one or more nights provided your employer requires you to travel to a worksite and you have incurred the expenses.


Travel expenses can include meals, accommodation, incidentals, airfares, buses, taxi etc.


Call one of our expert accountants Cranbourne and tax agents Cranbourne on 1300 300 106 to find out what you can claim on your tax returns this year.

You should be able to claim a tax deduction for overtime meals provided: Overtime-Meal-Allowance

 

  • You received Overtime Meals Allowance from the employer in accordance with the industrial law/agreement and your claim was a reasonable amount as well as you are able to substantiate your claim through receipts, diary entries etc.
  • Any overtime meals amount which is included as a part of your wages rather than as an allowance on your payment summary is not considered as an Overtime Meal Allowance.


Keep in mind just because you have received an  Overtime Meal Allowance does not automatically entitle you to the tax deduction. The actual expense incurred in relation to overtime meals is tax deductible.


When claiming Overtime Meals Allowance you can keep records of the following to substantiate your claim:

 

  • Receipts/other written evidence.
  • Diary entry to record expenses where you don’t have receipts, totalling less than $200.00
  • Evidence of Overtime Meal Allowance such as payment summary, payslip etc. 


Feel free to contact one of our expert Accountants Lynbrook on 1300 300 106 to find out more about your claim for Overtime Meals Allowance.


Australian defence force personnel are able to claim work related deductions as long as they are not incurred in the process of earning tax exempt income. Check with your employer to ensure if your income is tax exempt or not.
Make sure you keep evidence of your claims such as receipts, written evidence etc. on the top of normal work deductions, there are few deductions that can be specifically claim by defence force employees.


Depending on your personal circumstances, you might be eligible to claim for the below allowances:

 

  • flying allowance
  • language proficiency allowance
  • special action forces allowance
  • uniform maintenance allowance
  • vehicle allowance.


Compulsory mess subscriptions related to work activities can be claimed as a work deduction however you are not allowed to claim a deduction for attending compulsory/non-compulsory mess functions. 


In some circumstances you might be able to claim the cost for Physical Training Fees.


Contact one of our expert accountants Lynbrook & tax agents Lynbrook on 1300 300 106 to find out what you can claim this tax period.

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