While some of you may have already done your tax returns for the last financial year, the deadline to lodge isn’t until October 31. Whether you are doing your return yourself or with a tax agent, you don’t want to miss out on any deductions that you may be entitled to. Here are some of the most commonly overlooked tax deductions that you could be claiming!
Tax agent fees
If you worked with a tax agent in the previous financial year to prepare and lodge your tax return, you can claim the amount you paid. Any fees for professional help with your return are tax-deductible but can be easy to forget, especially if you lodge on your own the next financial year. You can also claim travel costs getting to and from your agent, and any tax advice you received during the year.
Union or membership fees
Many people are members of professional or trade associations relating to their work or are subscribed to trade magazines. You can claim tax deductions for the fees associated with these memberships/subscriptions. This also applies to trade union fees.
Mobile phone expenses
Employees have been increasingly using their personal mobile phones for work. If you find that you are using your phone for work, whether for calls or internet data, you can claim the cost as a tax deduction. You can only claim the amount relating to work, so it is a good idea to keep a logbook to calculate the portion you use for business.
Self-education expenses relate to courses provided by a school, university, or other training providers that you undertake. You can claim any costs you incur for self-education if they pertain to upgrading your qualifications or improving your skills for your current role. Self-education tax deductions can include textbooks, stationery, computer expenses, student services fees, and allowable travel expenses.
While these might seem like small amounts, they can add up to a decent amount of money on your tax return. Remember to keep records of receipts and records for every deduction that you are claiming. Make sure you keep these commonly overlooked tax deductions in mind when completing your next tax return.