Show Notes
In this video, Jacob Fahmy breaks down the tax deductions Australians commonly claim in their tax return and the three golden rules you need to understand before claiming anything.
He covers work related car expenses, the cents per kilometre method, logbooks, travel expenses, uniforms and protective clothing, laundry, self education expenses, working from home, phone and internet, tools, subscriptions, professional fees, donations, accountant fees, personal super contributions and income protection insurance.
Jacob also explains the common mistakes people make, including claiming home to work travel, claiming ordinary work clothes, claiming education that does not connect to your current income, claiming work from home without records, and claiming super contributions without a valid notice of intent.
If you want to understand what you may be able to claim at tax time, this video gives you a practical overview of the main deduction labels and how to think about them properly.
Helpful links mentioned in this video:
ATO occupation and industry specific guides https://www.ato.gov.au/individuals-and-families/income-deductions-offsets-and-records/guides-for-occupations-and-industries/occupation-and-industry-specific-guides
ATO work related car expenses https://www.ato.gov.au/individuals-and-families/income-deductions-offsets-and-records/deductions-you-can-claim/vehicles-transport-and-travel-expenses/cars-transport-and-travel
ATO working from home expenses https://www.ato.gov.au/individuals-and-families/income-deductions-offsets-and-records/deductions-you-can-claim/working-from-home-expenses
ABN Lookup, check deductible gift recipient status https://abr.business.gov.au/Tools/DgrListing
ATO personal super contributions https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/how-to-save-more-in-your-super/personal-super-contributions
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Chapters: 00:00 How to get the best tax refund possible 00:23 The 3 golden rules for tax deductions 01:35 Motor vehicle expenses and work related travel 03:12 Cents per kilometre vs logbook method 04:24 Travel expenses for work 05:45 Clothing, uniforms and laundry 07:15 Self education expenses 08:25 Other work related expenses 08:48 Work from home, phone and internet claims 10:43 Depreciation and assets over $300 11:20 Professional fees, tools and subscriptions 12:09 Gifts and donations 12:54 Accountant fees and managing your tax affairs 13:27 Personal super contributions 14:05 Income protection insurance 14:29 ATO industry guides and what you can claim 15:19 Final tips before lodging your tax return
This content is general information only and does not constitute financial, legal or tax advice. Please speak with a qualified adviser about your own circumstances.
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