30 October 2018

Are you getting the most out of your tax return?

We are here to help you stay organised and in the know this EOFY. With these handy tips and often overlooked claims, FOMO will be a thing of the past and you can enjoy some extra spending cash.

You can claim expenses you incur for your work provided you have kept your receipts.

Start by being organised with myDeductions. This function on the ATO app is a great way to keep an up to date digital record of all your receipts throughout the year. Come tax time, you can email or upload your expense records, helping to make completing your tax return so much easier. Download today and save time tomorrow.


Some things you may have forgotten to squeeze into your tax return.


1. Sunglasses

Sunglasses may be tax deductible if your profession requires you to work outdoors regularly and you are using them to protect your eyes from sun damage. Click here to find out what you need to lodge this claim.


2. Work bags

Did you know you may be able to claim tax deductions on the purchase of a handbag, briefcase or satchel that is primarily used for work purposes such as carrying paperwork, files or laptops. Visit the ATO Website to find out how you can claim on work bags and other occupational tools, like sunscreen!


3. Charitable donations

Been meaning to make that charity donation? Now’s the time, as you could claim a tax deduction on charitable donations worth more than a $2 gold coin donation. Just make sure they are made out to charities that have a Deductible Gift Recipient status. Further details on when you can claim such deductions can be found here.


4. Laundry expenses

Racking up a hefty dry-cleaning bill to keep your work uniforms looking fresh? You might be able to claim tax deductions on the cost of cleaning any uniforms or protective gear that you wear at work.

Visit the ATO Website to find out what classifies as occupation-specific clothing. Also note you will likely need written evidence to support your claim.


5. Home office expenses

If you work from home on a regular basis, you might be able to claim on a range of work-related expenses including home office equipment such as:

  • Printers
  • Computers
  • Office furniture
  • Phone and internet expenses

This helpful table on the ATO website will let you know which of your expenses might be tax deductible.


6. Upskilling

When it comes to staying relevant in competitive and ever-evolving industries, upskilling has become increasingly crucial in keeping your skills up to date in your current job or to secure a promotion in your current profession.

You might be able to claim tax deductions for eligible educational courses, as well as books, periodicals and digital subscriptions (including e-books and e-journals) that keep you ahead of the pack.

You can also claim fees for courses if they lead to a formal qualification and have a clear connection to your current job or profession.

More information on eligible courses and expenses is available here.


Set up for tax savings next financial year

If you’re keen to set yourself up for tax savings next financial year, an sgfleet Novated Lease might be what you’re looking for.

A novated lease is one of the most cost-effective car ownership options for most Australians. It allows you to treat your personal car like a company car, meaning you can access savings on income tax through your employer while enjoying the ease of having a fully-maintained car. And it’s not only for new cars; you can also choose to novate a second-hand car, or the car you currently own. However, if you do buy new, you’ll get access to sgfleet’s fleet buying power.

So how does it work?

Under a novated lease, you agree to forego a portion of your future salary to cover your car’s lease and running costs, some of which you can pay for in pre-tax dollars, reducing your taxable income whilst providing you with a vehicle of your choice.

sgfleet uses your regular salary deductions to pay for your car’s lease and running costs on your behalf. This includes insurance, registration, fuel, tyres and servicing, and makes running your car much easier and more affordable.

Our friendly consultants can help you find out if you’re eligible, talk you through the tax benefits and the finer details, and provide you with a personalised quote for your individual situation.

Now that you have the inside track, you’ll be prepared to tackle tax time with confidence and leave the FOMO behind.

sgfleet is proud to be your employer's approved novated lease provider. For more information call one of our consultants today on 1800 743 262 or Find out more >

This article is for information purposes only and is not to be relied upon as an endorsement by sgfleet. sgfleet is not responsible for any information provided by third parties or contained in the apps. As the information is of a general nature, it does not take into account your personal or financial circumstances and is not a substitute for financial advice. sgfleet recommends you obtain financial advice before acting on the information provided.


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