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It’s amazing how many people don’t claim everything they are entitled to at tax time.
Whether you’re a journalist, print or video editor, TV producer or photographer – work with one of our expert tax consultants here at H&R Block and we’ll make sure you claim all the deductions available to you.
So what do you need to do to get a great refund? First, we’ll help you download your income statement that will outline all of your salary, wages, allowances and bonuses for the financial year. Next, you have to work out your deductions.
You can claim deductions on any money spent during the financial year on products or services that directly related to earning yourincome. You need to have spent the money yourself (it can’t have been reimbursed by your employer) and you need to keep a record of the expense such as a receipt or invoice.
There is a wide range of deductions you can claim as a media professional, such as:
There are several key expenses you can’t claim, including:
Staying on top of your receipts and having impeccable record is very important if you want to get a good tax refund. So 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).
We know this can happen to anyone, and dealing with it as soon as possible 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. But we all make innocent mistakes sometimes and if you’ve already lodged yourself and realise you’ve submitted an incorrect or unsubstantiated claim then talk to us 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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