Tax time is a great opportunity for many of us to get a cash windfall to pay for a holiday, shopping spree or just to reduce our credit card debts. But do you know how to make the most of it and legally maximise your tax refund in 2011?
Tracey Collins, from Personal Tax Specialists, says “many people don’t receive as much as they could in their tax refund each year because they just don’t know what they can claim. The Tax Office statistics show that the average claim for work related expenses in Australia is $1,920 per year, but plenty of people claim a lot less than this.”
So if you are claiming less than $300 because you don’t know what else you can claim or you haven’t kept any receipts, you may be missing out on a great tax refund. Some of the expenses that can be claimed in many occupations are:
- Car running costs, parking, tolls and public transport costs (if you are travelling for work eg. to visit clients, between offices, to meetings, or to training courses but NOT for travelling between your home and work)
- Training courses that relate to your work (you can claim for course fees, travel, books, stationery, computer, internet, accommodation and meals if you have to stay away overnight)
- Equipment including a laptop, personal organiser, phone or tools
- Books, magazines or journals (as long as they relate to your work)
- Phone calls and internet connection fees (the portion that relates to your work)
- Donations to registered charities (unless you received something in return eg. raffle tickets or novelty items)
- The fee you paid for preparing your tax return last year
The key to maximising your tax refund this year is to make sure you know what you are allowed to claim for in your occupation.
For a complete list of the work related expenses you can claim in over 30 occupations have a look at the Personal Tax Specialists’ website https://personaltaxspecialists.com.au/what-deductions-can-you-claim or contact Personal Tax Specialists Pty Ltd (firstname.lastname@example.org or 1300 335 675) to get help with preparing your tax return this year.
As a special offer for ‘Minx’ readers, Personal Tax Specialists will give every new client who joins us before 31st August 2011 a $25 credit to be used towards their 2011 tax return fee. To take advantage of this special offer, go to https://personaltaxspecialists.com.au/become-a-client-now and complete the New Client Form today. Don’t forget to mention ‘Minx’ referred you. (Note – there is a limit of one $25 credit per client)
Tracey Collins, for the Personal Tax Specialists team
Personal Tax Specialists Pty Ltd
Your time and tree friendly tax accountants