Maximise Your Refund:
A Guide to Individual Tax Deductions 2024

Maximise Your Refund:
A Guide to Individual Tax Deductions 2024

Tax time can be daunting, but claiming all the deductions you’re entitled to can make a big difference to your refund. Here’s a rundown of the latest on individual tax deductions for 2024

Working from home:

The ATO’s simplified method is still in place! Claim a flat rate of 67 cents per hour for eligible working from home expenses like electricity, internet, and phone bills. Keep track of the hours you worked from home for accurate calculations.

General work-related expenses:

If you weren’t reimbursed for work-related costs, you might be able to claim them as deductions. This includes:

  • Clothing and laundry for compulsory uniforms or protective gear.
  • Mobile phone and internet expenses used for work purposes.
  • Union fees, subscriptions to professional associations, and certain registration costs.
  • Tools, equipment, and stationery used for work.
  • Self-education expenses directly related to your current employment.

Remember: You can only claim the work-related portion of a cost if you use it for both personal and work purposes.

Other deductions to consider:

  • Gifts and donations to registered charities.
  • Income protection insurance premiums.
  • Interest and investment charges related to earning income.
  • Tax Agent fees for preparing your tax return.

Stay informed, stay compliant:

This is not an exhaustive list, and specific eligibility criteria apply to each deduction. It is best to consult a registered tax agent to better understand what you may claim for your specific situation and industry.
Key takeaway: Keep good records! Receipts, invoices, and bank statements are crucial for substantiating your claims.

By understanding your deduction entitlements, you can ensure you’re getting the most out of tax time. Remember, if you’re unsure about anything, consult a registered tax agent for personalised advice.

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