Tax Return Tips

You will also find tips, calculators and checklists to help you prepare your eTax Return (and get a better refund) here - summary of e-tax and Assessable income and checklist of E-tax and Allowable Deductions.

Education Tax Refund (now claimed directly through Dept of Human Resources) – The Education Tax Refund is a tax offset that provides up to 50% back on a range of children's education expenses. In 2012, the maximum offset is $818 for each secondary student and $409 for each primary school student. To be eligible to claim this offset you must also be eligible for FTB part A. Eligible education expenses include:

  •  laptop computers, home computers and associated costs, including the repair and running costs of computer equipment
  • computer-related equipment such as printers, USB flash drives, and accessories designed and manufactured solely or predominantly for use with a laptop or home computer – for example laptop bags and wireless mouse
  • disability aids to assist in the use of computer equipment for students with special needs
  • home internet connections, including the costs of establishing and maintaining them
  • computer software for educational use
  • word processing, spreadsheet, database and presentation software, and internet filters and antivirus software
  • school textbooks and other paper-based school learning material, including prescribed textbooks, associated learning materials, study guides and stationery – for example, pencils, pens, compasses and glue
  • prescribed trade tools.
  • school approved uniforms purchased from 1 July 2011 (including hats, footwear and sports uniforms).
Overtime Meal Allowance – if you receive an overtime meal allowance it should be included as income on your return. You can also claim associated meal costs of up to $25.80 for each meal. For example, if you work overtime 1 day per week for 40 weeks and receive $440 total meal allowance ($11 per meal), you can claim a deduction of $1032 (40 x 25.8).

Car and Travel Expenses - Travel expenses, such as car expenses or overnight meals, incurred in earning income, can be claimed as a tax deduction. Note, travel to and from work is a private expense and not deductible. But transporting bulky or heavy tools/equipment to/from work can be claimed as a deduction.

Other Deductions – Depending on your occupation, many expenses can be incurred in earning income. Here is a brief list that may in your circumstances:
  • Union fees, tools, mobile phone, stationery, internet, sun protection items, trade magazines, work safety gear, uniforms, hi-vis clothing, safety boots, professional association fees, donations, home office, equipment licence renewals such as fork lift

Income – Income form most activities are assessable including wages, most Centrelink payments, investment income including interest, dividends and income from rental properties, contract income, capital gains.
The ATO can make adjustments a year later. Most of the ATO adjustment relate to omitted Centrelink income, allowance on certificate or interest.

For help with your eTax return see our eTax Return Checklist.

Web Based Tax Return App:

A benefit of using eZtax, our web based tax return app, is we have the genuine online tools, knowledge and experience to get the best tax refund for our clients, making it easy to complete your annual tax return online.

Our Web Based Tax Return App will step you through all the necessary questions to increase your 2014 tax refund estimate and take into account all relevant tax deductions and tax offsets. Try it now. Its FREE to get started!

Copyright 2014. My Tax Zone.