Flourish - Latest Edition - Flipbook - Page 45
2. Claim What You’re
Entitled To (But Don’t
Stretch It!)
There are loads of legi琀椀mate
deduc琀椀ons you might be able
to claim:
• Work-related expenses
(think uniforms, tools,
or travel)
• Home o昀케ce expenses
if you’ve been working
from home
• Self-educa琀椀on costs if it’s
linked to your current job
• Dona琀椀ons to registered
chari琀椀es
But here’s the catch: only
claim what you’re genuinely
eligible for. The ATO is smart
and increasingly uses datamatching technology to spot
dodgy deduc琀椀ons.
PITFALL TO AVOID:
Guessing or making up claims.
Always keep receipts or
reliable records to back up
your deduc琀椀ons.
• Not keeping receipts
or records.
• Over-claiming home o昀케ce
expenses — make sure
you follow the updated
methods from the ATO.
HELPFUL LINK: The
MoneySmart website is a
goldmine for simple, clear
guidance on budge琀椀ng and
tax basics.
4. Consider Professional
Advice
If your situa琀椀on is a li琀琀le more
complicated — say you’ve got
investment proper琀椀es, shares,
crypto, or you run your own
business — it’s well worth
talking to a quali昀椀ed accountant
or 昀椀nancial advisor. Not only
can they help maximise your
return, but they’ll also make
sure you’re 琀椀cking all the
compliance boxes.
BONUS: Fees for tax advice
are usually tax-deduc琀椀ble too!
3. Watch Out for Common
Mistakes
Even the savviest people slip
up at tax 琀椀me. Some frequent
traps to avoid:
• Forge琀�ng to declare
all your income — this
includes things like bank
interest, rental income, and
side hustles.
• Claiming personal expenses
as work-related (that gym
membership? Probably
not deduc琀椀ble).
5. Be Wary of Tax Scams
Sadly, tax 琀椀me brings out
the scammers. Watch out
for suspicious emails, texts,
or calls claiming to be from
the ATO. The ATO will never
demand payment by unusual
methods like gi昀琀 cards or
cryptocurrency.
STAY SAFE: If in doubt,
contact the ATO directly
through their o昀케cial channels.
6. Plan for Next Year (Your
Future Self Will Thank You!)
Once you’ve 昀椀led your return,
take a moment to set yourself
up for next year:
• Start a dedicated folder
(physical or digital) for your
receipts and records.
• Consider adjus琀椀ng your
super contribu琀椀ons if it
suits your 昀椀nancial goals.
• Review your PAYG
withholding if you ended up
owing money — it might be
琀椀me to tweak your setup.
Keep It Simple,
Keep It Smart
Tax 琀椀me doesn’t have
to be overwhelming.
With a bit of prep, a
good understanding
of what you can
claim, and reliable
resources at your
昀椀nger琀椀ps, you can
navigate it smoothly.
And remember: there’s
no shame in ge琀�ng
professional help
— accountants and
advisors do this every
day and can save you a
lot of headaches.
If you’re ever in doubt,
your go-to references
include:
• MoneySmart
• The ATO website
(ato.gov.au)
• A trusted accountant
or licensed 昀椀nancial
advisor