Q: What claimable items are the most frequently overlooked by people?
A: A common reason people miss out on a claim is because they do not have the necessary records to prove it. The medical expense rebate and the senior Australian tax offset are good examples.
Some other frequently overlooked deductions include:
- Travel costs to meet with your tax agent.
- Self-education (If you undertake work-related study, you are entitled to claim a tax deduction for those costs, less any reimbursement from work. It is important to note that the study must directly relate to your current job and not to gain a new position.)
- Home office (If you carry out work from home, you can claim part of your electricity and heating costs, and depreciation of office furniture and equipment. You can also claim a portion of your telephone and internet use.)
- Sun protection (For people working outdoors, a recent successful court case means that you can claim the costs of protecting yourself from the sun—eg. a hat, sun cream and sun glasses.
A & C Accounting and Taxation Services knows in detail what you can claim to maximise your refund. Why not use our new 3 step tax return.