Tax returns are difficult, time consuming and a pain in the neck. For many people, qualified accountants are the answer, no matter how expensive they are. However, other people can’t afford to use accountants or tax agents to lodge their tax return, and this can lead to mistakes.
Even if you have lodged your tax return correctly, and have fulfilled all of your legal requirements under Australian law, you still might be losing a lot of money due to an incorrect tax return. You may have forgotten to claim certain work related expenses, or you may have forgotten that you could claim some things altogether. Our top 5 things that people could be claiming on their tax returns, but aren’t, include:
- Travel expenses
If you or your employees travel for work, you can claim any travel related expenses. This includes things like aeroplane or bus tickets, accommodation and food. Make sure that you keep any receipts, and note that you can only claim these things if the sole purpose of the trip is business.
- Charity donations
A lot of people either don’t realise that they can claim charitable donations on their tax return, or they simply forget to do so. For someone who donates even small amounts to charity every year, it is definitely worth claiming your donations as a tax deduction. Sure, it might not save you a whole lot, but it will lower your taxable income, and it will reduce the amount of tax you have to pay.