TOP 10 Under Claimed Deductions!
1. Keep a diary. You can’t claim the commute between home and work but if you go to other sites or functions outside work you can claim a maximum 77c/km for up to 5000km for the year end 2015.
The Government has decided to remove the 12% of original value and 1/3 actual expense methods to calculate motor vehicle claims, and have standardised cents per km claims by making it 66c per km regardless of engine capacity. The log book method though remains untouched. The change is effective from 1st July 2015. If you would like more information on how you can maximise your deductions under the new rules, get in touch with us TODAY.
2. Log it. If you’re serious about getting the maximum deduction for work-related car use it’s possible to get more than twice as much back from the tax man by using the “logbook method” instead. You’ll need to keep detailed logbook entries for 90 days minimum
3. Lug it. Tradies who can’t safely keep their tools on site can claim their commute. They need to be carrying equipment weighing more than 20kg.
4. Home office. You can deduct 45c for every hour spent working in a home office. It has to be a dedicated room. And you need to keep a diary for a month. Schedule an appointment with us by clicking here.
5. Traveling to an investment property. You can claim meals and accommodation related to visiting it to do repairs or an inspection. The only thing you have got to watch is where you mix personal travel.
6. Technology. Work calls from your home phone and mobile. Depreciation relating to your computer and tablet. Home internet usage. A percentage claim of the total bill is generally recommended to split work and personal use. Need more information? Get in touch with us today.
7. Cleaning of uniforms. Receipts are not required for laundry costs up to $150. But it’s got to be a proper uniform. Goggles, helmets and sun protection can also be claimed for some professions and trades
8. Accountant’s fee.
9. Union fees. Membership is a deduction, as is the cost of being part of a professional association and subscription.
10. Income protection insurances.
Comment below letting us know which deduction you will be claiming this year!
Want to make tax time easier? Join Success Accounting Group now or call today (03) 8511 4047 / (03) 9583 0550
About Lan Nguyen
Lan is the Founder and Chief Strategist at Success Accounting Group, Melbourne based CA firm. In a matter of short 8 years she has built up a reputable Chartered accounting firm with 3 offices and a team of 6 professional accountants and support team members. Her mission is to provide Innovative and Strategic Financial advice to help her customers make smarter financial decisions today for a brighter future.
Success Accounting Group is for established business owners who would like help to grow a sustained business. As a business owner you understand what drives your business success with our accounting team taking care of the rest.
To see how you too can benefit from working with us, request your FREE meeting today. Enter your details in the form on the right, or phone us direct on 03 9583 0550.
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Success and Wealth
Success Accounting Group Pty Ltd
Oakleigh, VIC, 3166
