The tax rules change just about every year, so planning in the beginning can result in thousands of dollars of savings when tax time arrives. June 30 seems a very long time into the future, but it will be here before you know it.
1. Telco expenses:
If you use iPad, iPhone, wireless internet for work purpose, you can claim that part of your bill as a work related deduction.
2. Work related equipment:
If you work in finance you might need a laptop, briefcase, iPad and camera. You can claim the deduction for the all purchase price of each tool and piece of equipment you are buying for work that costs $300 or less.
3. Income protection insurance:
Premiums can be claimed as a tax deduction, provide the cover is not part of your super. Purchase your policy now as you can claim it this financial year.
4. Investment expenses:
If you own shares, the majority of related expenses, including interest paid on loans, managed funds or investment properties, can be claimed at tax time.
5. Home office costs:
You can claim the work related part of utility bills such as electricity and gas, for the decline in value of office furniture and fitting.