What is eligible for tax deductions and offsets?
Updated: Jul 9, 2021
CATS4TAX – Tax Tip #1
Do you know the tax deductions and offsets which you might be eligible for this financial year?
With so much information being pre-filled into your tax return, it’s best to wait until all the data is finalised before lodging.
For example, check that your income statement from your employer says ‘tax ready’ and your private health insurance statement is available before visiting your tax agent. Otherwise, your tax return may be lodged with unfinalised data, requiring amendment, additional costs and possible additional tax payment.
Interest is not loaded onto the ATO portal until mid-July, so if you receive interest and have not received your statements from your bank, it may be best to wait until after this date, to ensure your return is correct.
REMEMBER
In order for an expense to be deductible:
you must have spent the money yourself;
it must not be domestic/private in nature;
it must be apportioned for private usage;
it must be directly related to earning your income;
it must not have been reimbursed;
you must retain the relevant records to prove it (bank statements are insufficient as they do not provide enough detail).
If you have further questions or to book an appointment call Lyndall: 0404 483 685
Get in touch with CATS4TAX:
0404 483 685
