The tax rules can be changed in every year, so early planning can result in thousand dollars of saving in tax time arrives. In future, tax rules are constantly change can leave until the end of the financial year to deduct and miss out a thousand dollars in tax savings. Some steps to be followed
1. Telco expenses: Using iPhone, iPad or wireless internet for the purpose of working and claim as a part of bill in work-related deductions. Need to keep the record calls or time spent on the net for work, but do the savings can be significant.
2. Work-related equipment: trades can claim the cost of tools and work in finance can need briefcase, laptop, camera or iPad. To deduct the full purchase price of tool or equipment can buy for work.
3. Income protection insurance: The premium claimed as a tax deduction that provide a purchase of your policy during this financial year,
4. Investment expenses: Own share, managed funds or investment property is the majority of related expenses include loan as claimed in tax time.
5. Home office costs: The work-related part of bills like electricity, gas office furniture and fittings To depend the size of work-related space can be claimed as portion of rent, mortgage interest and rate.