Track work expenses
One key tip to minimising your tax is to claim your work related expenses. In order to do this accurately you need to keep track of these expenses. So rather than leave the collation of these records until the end of tax year panic when mistakes are more likely, start tracking them now and continue to keep track as they arise throughout the financial year. This way you know exactly where you stand come 30 June next year.
Some common personal work related expenses include:
- vehicle and travel expenses
- uniforms, clothing & dry-cleaning
- home office expenses, phones and electronic devices
- self-education, training courses & learning materials
- tools & equipment
- gifts & donations
How to keep records
With so much technology now available it's easier to keep copies of receipts safely in one place for reference come tax time. If you're an O'Brien client for example, you can save them directly into your client portal.
Alternatively, keep track of your deductions by using the myDeductions tool in the ATO mobile app. It lets you record work-related deductions quickly & easily and will pre-fill your individual tax return come tax time.
For more tax tips contact your advisor or see our article "10 ways to minimise personal tax".
For more details about keeping work-related expense records visit the ATO.