A great way to increase your annual tax refund is to claim tax deductions. People often ask us what tax deductions people often miss out on, so here is a quick list that might help boost your tax refund this year.
Avoid these 3 commonly missed tax deductions…
1. Claim Union and Registration Fees
Do you pay union fees each year?
If you’re one of the millions of people who do, you can claim this as a tax deduction on your return each year.
Enter the total amount you’ve paid in union fees this year under D5 – Other Work Related Expenses
2. Keep Track of Charitable Donations
Donations of $2 or more to a registered charitable organisation are eligible as tax deductions. Receipts are needed in order to claim these tax returns, so if you have them, 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 protected] and we’ll let you know.
3. Carefully Record Your Rental Property Expenses
Rental property owners regularly often have very high costs and expenses that relate to their rental property.
If you own a rental property, expenses such as bank charges, body corporate fees, repairs and maintenance costs can all be claimed as a tax deduction. Keep receipts and any documentation you have for proof.
Etax Deduction Finder
Etax Accountants has a deduction finder built-in. The online tax return helps you avoid commonly missed tax deductions. Inside your return, click the green “help” buttons for more details about the deductions you can claim.
What if I’ve already lodged my return?
If you’ve already lodged your 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.