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As the end of the financial year edges closer, you might find yourself facing the fact it’s time to start dealing with the ‘T’ word…Taxes.
Trying to find a time to sift through all of the paperwork, summarise your expenses, and find that long-lost email from 11 months ago can feel impossible - and it’s easy to lose track of what actually makes a difference on your return and what doesn't.
But, if you get your deductions right, you could save yourself a fistful of money.
Nail your FY17-18 tax return with these seven things you could claim (but probably don’t):
Do you subscribe to work-related magazines and journals? You guessed it; you may be able to claim them.
Not only can income protection guard you if the unexpected does happen, but it’s also tax deductible.
nib offers flexible income protection options to suit your individual situation. Interested? Get a quote here.
You may be able to claim on your personal super contributions. If you’re an Aussie resident and already contribute at least 10% of your income from employment or carrying on a business into your super, any extra contributions (on top of this) may be tax deductible.
If you work outdoors, it’s important to protect yourself from the sun’s rays - and the ATO agrees! If you are someone who regularly works in the sun, the ATO allows you to claim the cost of sunscreen and sunglasses.
The ATO has a handy depreciation tool to help you calculate the depreciation of your specs as part of their online claiming system myTAX.
If you work outdoors, you could be claiming your sunnies and suncream!
Using your own car for work? You could be treating it as a taxable expense.
There are some restrictions, but you may be able to either claim using the cents per kilometre method or the logbook method.
Interested in the log book? Check out the ATO-approved GPS logbook app.
We all try to help out where we can and if you made a charitable donation of $2 or more during the financial year, you can claim a tax deduction on your return.
It’s a good idea to keep a record of all tax deductible gifts and contributions made – it will make claiming just that little bit easier.
The ATO hosts extensive information on their website but if you’re still unsure of whether something qualifies, have a chat to an accountant to see if you’re eligible for a particular deduction.
Want to take the next steps in protecting the things that are most important to you? Don’t leave your lifestyle to chance, get an income protection quote today.
nib is not authorised to provide tax advice, it is important to obtain advice from a qualified tax professional.
The information given here is general advice only and does not take into account your personal financial situation, needs or objectives. You should consider the appropriateness of this advice, having regard to your financial situation, needs and objectives. Please consider the combined Product Disclosure Statement (PDS) and Financial Services Guide before deciding whether to buy or to continue to hold this product. Product promoted by nib health care services pty ltd ABN 91 003 037 625 AR Number 321683 of TAL Direct Pty Limited ABN 39 084 666 017 AFSL 243260 which also administers policies and claims. TAL Life Limited, ABN 70 050 109 450 AFSL 237848 is the issuer of the life insurance benefits and St Andrew's Insurance (Australia) Pty Ltd, ABN 89 075 044 656 AFSL 239649 is the issuer of the Involuntary Unemployment Cover.