Ready to turbocharge your tax refund this year? Check out these savvy tips:
- Motor Vehicle Deductions: Rev up your refund with this gem! Keep a logbook and track those kms if you’re using your wheels for work. Clocking at least 100km weekly? You could score up to $4,250 in deductions using the cents per kilometre method. Sure, logbooks can be a drag, but they’re worth it come tax time!
- Cost to Prepare Your Tax Return: It’s not just about the tax agent fee; it’s about the journey! Travelled over 120km round trip to see us? You could snag an extra $102 on your return to cover those miles.
- Overtime Meal Allowance: Burning the midnight oil? You could dine on some sweet deductions! Bagging 2 x overtime meal allowances weekly? That’s over $2,500 in potential tax deductions, courtesy of the ATO.
- Tolls: Tolls these days? They’re highway robbery! While your tag might make it painless, those costs can really stack up. Don’t let them slip through the cracks.
- Home Office Use: Turning your home into a powerhouse? The ATO’s got your back! Claim a slice of your home office expenses, including 67 cents an hour for electricity and a chunk of that internet bill.
