- WORK RELATED EXPENSES
Start gathering and printing off any receipts for work related expenses such as uniforms, training courses, related travel and learning materials, as these may be tax deductible.
The ATO Website has some great information sheets listing items which are deductible according to your occupation.
Click on the link, review and be prepared with your deductions & receipts this financial year.
2. MOTOR VEHICLE EXPENSES
There are a number of reasons you may be entitled to claim motor vehicle expenses as a tax deduction when used for work. Once determined if you are eligible you need to look at the methods of deduction available.
In general you have two options.
First is the Log Book Method, a percentage of actual motor vehicle expenses.
To use this method ensure that you have kept an accurate and complete Motor Vehicle Log Book for at least a 12-week period.
The start date for the 12-week period must be on or before 30 June 2019. You should make a record of your odometer reading as at 30 June 2019, and keep all receipts/invoices for your motor vehicle expenses. This includes registration, insurances, fuel, repairs and interest on borrowed money to purchase the car. Once prepared, a log book can generally be used for a 5-year period.
An alternative (with no log book needed) is to simply claim up to 5,000 business kilometres (based on a
reasonable estimate) using the cents per km method. This method provides a deduction of 68 cents per work related kilometres travelled.
Remember motor vehicles expense claims are per car so it’s possible to have motor vehicles expenses for more than one car if they have been used for work purposes.
See this ATO information sheet on when and how you can claim for motor vehicle expenses
3. PREPAY EXPENSES AND INTEREST
Expenses relating to investment activities can be prepaid
before 30 June 2019. You can prepay up to 12 months of
interest, before 30 June on a loan for a property or share
investment and claim a tax deduction this financial year.
Also, other expenses in relation to your investments can
be prepaid before 30 June, including rental property
repairs, insurance, rates etc. Further other deductible expenses can be prepaid this year bringing forward the deduction this year, provided it is used with the 12 month rule, this includes memberships, subscriptions, and journals.
ATO Information Sheet: https://www.ato.gov.au/Individuals/Income-and-deductions/In-detail/Rental-property-expenses/?page=2#Prepaid_expenses