Monday moneyvator: Give yourself a bumper 2016 tax return

Monday moneyvator: Give yourself a bumper 2016 tax return

Organising your tax return is probably the last thing you want to do on a Monday, especially when you’re suffering from the post weekend blues.

But according to the Huffington Post Monday is actually the best time, as that’s when we hit our peak of productivity and by Tuesday it all goes downhill as procrastination kicks in.

So before you lose your Monday momentum, here are a few things to you might be able to put on your to-claim list for a bumper return:

1. Donations.

Whether you took part in Dry July last year or did a fun run, you may be able to claim the charitable donations you made over the last Financial Year. But keep in mind that’s only if the organisation is approved by the Australian Government as a “deductible gift recipient”.

2. Your uniform.

If your work has a compulsory uniform, then the cost can be added to your 2016 tax return, as well as the cost of dry cleaning.

3. Your handbag.

In the case your uniform isn’t tax deductible, you might be happy to hear another piece from your wardrobe could be – your handbag. But that’s only if it is predominantly used for work.

4. Work related magazines and books.

This one is ideal for all the avid readers out there because a percentage of the cost of books/mags that are purchased for work related research are on the list of claimable items too.  

5. Study expenses.

If you took a course that relates specifically to your job last financial year, then you guessed it, you can claim that too!

6. Travel for work.

While you can’t claim travel to and from your job, what you can claim is travel for work related purposes, for instance a tradie travelling between work sites.

7. Tax agent fees.

Did you use a tax accountant to submit last year’s tax return? Well the good news is this cost can also be added to your claims for your 2016 tax return.

8. Investment costs.

If you own an investment property that is currently negatively geared, there are a great range of things that you can claim which range from your mortgage interest to the cost of maintaining the property.

While these claims are all great ways to plump up your tax return, remember that you’ll need to be able to validate each claim with a receipt or record. For more tips on bringing down your taxable income, check out our latest guest blog from Matt Neill, director at MLC Advice.

Monday moneyvator: Give yourself a bumper 2016 tax return was last modified: July 4, 2016 by Rebeccah Elley

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