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Tax Tips for Individuals 2023


Tax Agent 2023
2023 Tax Return

Are you making the most of allowable tax deductions? Want to understand how much mileage you can claim driving up and down the Calder Freeway driving into Melbourne for work each day? Or how to deduct the cost of a new computer for your home office?


Read on as we discuss ways for you to maximise your return with our tax tips.



Although your tax return is not due for a few months yet, the end of the financial year is near. Get ahead now by preparing all the documents required for your 2023 tax return so you can get your tax done quickly and get any refund due to you in your bank!


Individuals can claim for general work-related expenses as well as occupation-specific expenses and working from home.


Income

The Australian Taxation Office (ATO) automatically receives information from your employers about salary and wages that you have been paid for the financial year.

You need to declare all income, (even if it’s just a small amount), from other sources on your tax return as well. You’ll also need documents such as statements, invoices and reports to show all earnings.

  • Wages, salaries, allowances or bonuses from all employers.

  • Pensions, annuities or other government payments.

  • Investment income including interest earned and dividends received.

  • Business and hobby income, if you have a side-business as well as a job.

  • Foreign income.

  • Crowdfunding income.

  • Sharing economy income such as Uber or Airbnb.

  • Income from overseas sources.

  • Income such as hobbies, prize money, compensation or insurance payments may be tax free but check with us.


Work-Related Expenses

Employees are entitled to claim work-related expenses as a tax deduction.


To claim a deduction, you must have spent the money out of your own funds and not have been reimbursed by your employer.


The expenses must relate to your earnings as an employee. Make sure you have invoices and receipts as proof of payment for any work-related expenses.


Expenses you may be able to claim

  • Vehicle and travel expenses – use a travel diary to record details of trips taken for your employment. CLICK HERE to read our last blog post where we recommend some log book apps available for iPhone and Android devices.

  • Clothing, laundry and dry-cleaning expenses – you can claim for occupation specific clothing, uniforms and protective gear.

  • Self-education expenses – some education expenses that relate to your current employment are claimable.

  • Tools and equipment – if you buy gear to help you in your job, this may be claimable. Small tools of trade, protective items, professional references and laptops are some examples of equipment you may be able to claim.

  • Superannuation contributions you have made separate to your employer’s contributions.

  • Occupation and industry specific requirements – check the ATO fact sheets for your industry.

  • Working from home – new rules apply this year that make claiming expenses for working from home easier. Check the ATO information for details.

The Neill Family Group can help you understand all the intricacies of tax deductions and how they apply to your situation. Get in touch with us to find out more and book a time to prepare for your 2023 tax.



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