If you are an employee you will have entitlements and tax obligations.
Don’t pay more tax than you need to!
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INCOME
DID YOU KNOW?
- You must include the total income from all of your jobs in your tax return, including
- full-time
- part-time, and
- casual
even if you did not receive a PAYG payment summary.
- Income includes
- salary and wages
- commissions
- bonuses
- tips
- gratuities
- jury attendance fees
- income from sickness and accident insurance policies
- income from Centrelink, and
- investment income from bank deposits and shares.
EXPENSES
DID YOU KNOW?
- You can claim many expenses that relate to your work.
- Taxwise Australia can help you decide if there is sufficient connection between the expenses and your work activities for you to make a claim.
- You must have spent the money and not have been reimbursed by your employer.
- You include your expenses for the income year on your tax return.
- These expenses associated with your work are NOT DEDUCTIBLE
- travel between your home and your work place.
- uniform expenses for conventional clothing eg, a black skirt and white shirt or blouse, and
- self-education expenses where the course you are undertaking is to enable you to get a job.
RECORD KEEPING
DID YOU KNOW?
- You don’t need receipts if your work-related expenses are not more than $300, but you must be able to show the deduction relates to your income and how you calculated the amount you claimed.
- If you claim more than $300 for work-related expenses, you will need to keep written evidence to prove the total amount, not just the amount over $300.
- A wide range of documents acceptable as written evidence of your claim includes
- paper or electronic copies of documents eg, invoices, receipts, delivery notes
- statements from financial institutions eg, credit card statements
- B-Pay receipt numbers
- PAYG payment summary, and
- warranty documents
You only need to keep your PAYG payment summary and expense records for two (2) years if you have simple tax affairs.
SEEK PROFESSIONAL ADVICE
Always seek advice from Taxwise Australia, a registered tax professional. Friends, family and colleagues may not have the most up-to-date information; their advice may lead you to paying the wrong amount of tax. Remember "Don’t Pay More Tax Than You Need To!".
Our phone number is 08 9248 8124 and we are available from 8am to 8pm every day of the week.
IF YOU GET IT WRONG
If you realise you did not include something in your tax return that you should have, or there is some other error in your tax return, you need to correct it as soon as possible by requesting an amendment.
By choosing Taxwise Australia to prepare your tax return, you will automatically receive a "Never-Worry-About-Your-Taxes-Again" accuracy GUARANTEE.
Contact us on 08 9248 8124 between 8am and 8pm any day for help in preparing an amendment.
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About The Author
Warren Kruger is an Australian Tax Specialist and Advisor.
For a FREE Report "7 Essential Strategies to Reduce Your Taxation NOW!",
Sign Up RIGHT NOW in the Opt In Box located on the top right hand side of this article.
Warren Kruger is an Australian Tax Specialist and Advisor. For a FREE Report “7 Essential Strategies to Reduce Your Taxation NOW!”,enter your name and email address in the Opt In Box located on the top right hand side of this article.
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