A Beginner's Guide to Tax (Part 2)

Wednesday, 9th October 2019

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If you missed the first blog in the series, click here: A Beginners Guide to Tax - Part 1.&nbsp; 4. &nbsp; &nbsp; Lodging your Return With over 60+ locations, ITP Qld are certainly in a great position to help everyone, especially beginners. ITP&rsquo;s qualified tax professionals are ready to guide customers through their financials and responsibilities as a taxpayer, but more importantly, make the most out of their return each year. ITP Qld&rsquo;s Refund Maximiser Guarantee ensures all client returns are legitimately maximised &ndash; new or old. Alternatively, ITP has an Online Tax Assist platform where the lodgement can be completed online with a professional in real-time. However, if you do prepare your own tax without a professional, be mindful that completing your tax is a federal and legal activity that comes with the obligation of precisely knowing your income and expense position in conjunction with the latest and/or eligible tax deductions in any given financial year. The ATO does regular audits on individuals and businesses who incorrectly prepare or over-claim (unknowingly or not) and penalties, fines and interest can apply. Tip! As an ITP customer, representation with the ATO is provided free on your behalf - all year round 5. &nbsp; &nbsp; What can I claim? Workers are entitled to claim deductions for any expenses incurred while earning income. Understanding what is work-related: Expenses incurred that directly relate to earning your income Expenses that weren&rsquo;t reimbursed Expenses must be able to be proven&nbsp; Note: If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion. Work expenses reimbursed to you by your employer are not deductible. Tip! The ATO can seek information from your employer if they think you have claimed a deduction for an expense that you have already been reimbursed for. Work-related expenses can include: Vehicle and travel&nbsp; Clothing, laundry and dry-cleaning&nbsp; Home office&nbsp; Self-education&nbsp; Tools, equipment and other assets Other work-related deductions: Employees (including casuals) can claim work-related expenses in the financial year they are incurred. If you employ someone to assist you in your employment, generally you can't claim a deduction for employing that person. General deductions can include: ATO interest &ndash; Calculating and Reporting Gifts and Donations Interest charged by the ATO Interest, Dividend and other Investment Income Deductions Personal Super Contributions Tax Preparation Fee (from ITP Qld) and general cost of managing your tax affairs Tip! The deadline for lodging your tax return is 31st October. Now, these are only the very basics to starting your tax. Our tax professionals are ready to help you if you have any more questions. Make your appointment today at your nearest by ITP Business Centre.&nbsp;