Individual Tax Returns
The vast majority of employees spend their own money on things for work, and may be entitled to a tax deduction for these items. You can look into the deductions you may be eligible for at the ATO’s website here. We understand these explanations and terms can get confusing and sometimes aren’t black and white, which is where your MJC Accountant can help you out.
These deductions will decrease the amount of tax you have to pay – which may result in a tax refund. While we are experts in handling individual tax returns, our team can also offer assistance with business tax or international tax here.
We know your deductions
It is therefore essential to understand what tax deductions you are entitled to. For example, did you know you may be entitle to claim a tax deduction for:
• The clothes you wear to work,
• Washing your work clothes
• Dry-cleaning your work clothes
• Your mobile phone and laptop
• Travelling to different places for work
• Working from home (whether it is a designated ‘work from home’ day or if you work from home of an evening).
• Self education costs
We know your occupation
There are also deductions available for specific industries.
Did you know that performing artists may be able to claim the cost of music they have bought under the professional library allowance?
Did you know teachers are allowed to claim the cost of a hat and sunglasses for use during yard duty?
We know your industry
At MJC Partners, we don’t just rely on you to know the rules and remember what you’ve spent on work related items – we have accountants that know the industry you work in and know which questions to ask you to prompt you to think about the expenses you are entitled to a deduction for. In most cases, asking the right questions increases your tax deductions and saves you tax.
You can also rest easy knowing that if the ATO takes a closer look at your tax return, everything has been done properly.
The tax return I lodged with my previous accountant was audited by the ATO. I didn’t have the correct paperwork and I had to pay back thousands of dollars to the ATO. MJC have helped me to understand what I need to do to make sure I get all my tax deductions going forward. I now have an app that I put everything in so I can’t lose anything and the receipts won’t fade. I know if I get audited again I’ll be fine.Joel Petry