Are you missing out on valuable deductions which could improve your tax refund? In this article we discuss our top 3 commonly missed tax deductions.
- Union and Registration Fees
Do you pay union fees each year? If so, then you are entitled to claim them as a tax deduction on your return each year. Simply enter the total amount you’ve paid in union fees this year under
D5 – Other Work Related Expenses
- Charitable Donations
Have you made a donation of $2 or more to a registered charitable organisation where you’ve received a receipt? If you have, you can include these donations as a tax deduction on your return. If you are unsure whether you can claim for a particular donation you’ve made, simply send us an email on email@example.com and we’ll let you know.
- Rental Property Expenses
If you own a rental property, then expenses you incur such as bank charges, body corporate fees, repairs and maintenance costs can all be claimed as a tax deduction. Take a look at our blog post titled 27 Critical Tax Deductions for your Rental Property for an overview on a huge range of deductions available to you.
Etax Deduction Finder
As an Etax client, you’ll also get free access to the Etax Deduction finder. The deduction finder contains the average deductions claimed by individuals across 72 common occupations. A great guide on what other people in your occupation claim on their returns, this handy tool is available by clicking the green “more help options” button from within your tax return.
What if I’ve already lodged my 2012 return?
If you’ve already lodged your 2012 tax return and you’ve missed some deductions, don’t worry! If these deductions can improve your tax refund, we can lodge an amended return to the ATO on your behalf.
If you fall into this category, please contact us via “My Etax Messages” in your tax return. Your accountant will connect with you and prepare an amended return if needed.