End of Financial Year (EOFY) Tax Deductions 

Shakira
Post : December 12, 2022

As the Australian Tax Office makes changes now and then, knowing your entitled claim for the end of the financial year can take a lot of work. This article will walk you through certain tax deductions you can claim in the 2021-2022 years.

Try hiring a certified taxation accountant 

Generally, a tax accountant knows the system's rules and can help you discover tricky areas if you have neglected to file tax returns in previous years. And also to assist you in acquiring the most tax-effective method to deduct and get what you are entitled to properly. If you have a tax bill, the accountant can act as a go-between to liaise with the Australian Tax Office.

Check the Australian Tax Office's official website

The ATO has an official website with all the information related to deductions. Although the website is helpful with the necessary details, you should still hire a tax accountant to ensure you are appropriately compensated. And also, there are many online blogs and articles which are related to this topic. But you should be careful when finding the right site with genuine and certified expertise.

The work-from-home protocol

During the Covid-19 pandemic, almost every organisation in the world started working remotely due to lockdowns. This is an eligibility for you to claim many working-from-home expenses. However, the regulations may vary depending on your particular situation. For instance, if you have an ABN & work from home, you can easily claim all the home-office running expenses.

Such as utility bills, cleaning the office areas, and the full value of office equipment and tools up to $300. And depreciation of equipment over $300. It is not necessary for you to be reimbursed by your employer for the expenses that you have claimed. It can be hard to figure out what you can and can't do. The ideal solution is to meet with your certified taxation specialist.

When and how can claim on study?

Suppose you are a prospective student or want to take an academic study that offers a formal qualification that helps you to advance your career. In that case, you are most undoubtedly eligible to have the deduction of a tertiary fee/textbooks and other course-related expenses. 

For instance, this will be covered if you are a bartender who wants to specialise in hospitality & restaurant-related courses. Most importantly, your professional development course must be related to your current career.

Travelling for work

You can easily claim your entitled cost of travel when it comes to carrying out the work duties aspect. For instance, if your organisation or the employer asks you to travel to another state for a business trip, and you end up paying it in your pocket, you are eligible to claim all the trip costs. Including airfares, accommodation, meals, and unexpected expenses as well.

And that's how you know you're entitled to the EOFY tax deductions. 

 

Latest Blogs

March 22, 2024

Islamic Bank Australia: A Vision Interrupted

In March 2024, Islamic Bank Australia made a significant decision that reverberated through the financial industry by choosing to relinquish its restricted banking licence to APRA. This move underscored the intricate challenges of raising sufficient capital within the current economic climate. Islamic Bank Australia: A Vision Interrupted In a surprising turn of events that has […]

March 6, 2024

Embracing Islamic Finance in Australia: A Path to Ethical Home Ownership

In the heart of Australia, a financial revolution is quietly unfolding, offering a beacon of hope and inclusivity for those seeking to align their financial decisions with their ethical and religious values. Islamic finance in Australia is not just a niche market; it's a growing sector that presents a viable, interest-free alternative to conventional banking, […]

1 2 3 65
CALL NOW ENQUIRE NOW