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You’re a wizz at computers and know all the ins and outs of the digital world. But how up to date are you when it comes to taxes? You’ll be pleased to know that the Australian tax system has come a long way in recently years in terms of modernising and streamlining the system, thanks to some digital shortcuts. But the basics remain the same – and you really need to get these right if you don’t want to lose hard earned money.
It all comes down to knowing what deductions apply to you when doing your tax return. Some of them might be obvious, but there are probably a few you’re missing that could make a big difference to your bottom line. This is where our expert tax consultants come in. They are passionate about taxes (yes, really!) and know exactly how to get you the biggest possible refund.
To complete your return, you’ll need as an IT employee, you’ll first need an income statement from your employer (previously called a “payment summary” or “group certificate”). This is a summary that outlines all of your salary, wages, allowances and bonuses for the financial year. You won’t need to have an actual copy of this statement, as it should be lodged by your employer directly to the ATO. Once this has been lodged, we can download the information for you and then help you work out your deductions.
As you know, you’re entitled to claim deductions on any money spent during the financial year on products or services that directly related to earning an income. But there are two things you need to remember:
There is a wide range of deductions you can claim as an IT professional, such as:
There are several key expenses you can’t claim, including:
Clear records are really important at tax time, so you need to stay on top of your receipts and have a comprehensive set receipts if you want to get a good tax refund. It’s a smart idea to create an easy and reliable system to help you keep on top of this throughout the year.
Remember, you don’t need to keep physical receipts, and it’s acceptable to keep a digital copy (such as a photo of a receipt or an email receipt) provided it is possible to read:
You also don’t need to keep receipts for expenses under $10 (as long as these don’t cumulatively come to more than $200).
It’s okay, we know this can happen to anyone and strongly recommend dealing with it as soon as possible. This is always the best approach. It’s essential that you take great care in putting together the information and supporting documentation when filing your tax return, and only claim deductions that are genuine to avoid penalties and possibly even prosecution from the ATO.
It’s easy to make an innocent mistakes sometimes, and if you self-lodge and realise you’ve submitted incorrect or unsubstantiated claims then you should contact H&R Block immediately and we will assist you in making the necessary amendments.
Still have some questions about lodging your tax return? Talk to H&R Block. Our experienced tax consultants will be able to help. Call 13 23 25 for details or find your nearest office and book an appointment online.
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