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Before you know it each year, tax season rolls around again. But don’t despair! It’s actually a great time of year – if you know how to make the most of it. And our expert tax consultants definitely know how to get the very best results from your tax return.
The important thing is to work out all the expenses and deductions that relate to costs you’ve incurred in your job as a property manager or salesperson, so you can get the highest possible refund.
As a real estate professional, you will most likely get an income statement that will outline all of your salary, wages, allowances and bonuses for the financial year, and this is the starting point for your return. Next come the deductions…
You can claim deductions on any money spent during the financial year on products or services that directly related to earning your income. 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 when you work in real estate, such as:
There are several key expenses you can’t claim, including:
Record keeping is important and it’s a good idea to create an easy and reliable system to help you keep on top of this throughout the year. 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 is 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 realise you’ve submitted any incorrect or unsubstantiated claims then you should contact your accountant immediately and they 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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