This is the juicy stuff!
The number one question accountants get is:
Now that question is a little counter intuitive if you ask me, because if you make more money you pay more tax – so to me, more tax is a good sign!
BUT what we don't want you to do is pay more tax than you need to and that’s where the expertise comes in handy.
If you prepare your return without ready my blogs, signing up to my courses or hiring me as your accountant there is a good chance you are missing out on some nice handy tax deductions (all depends on your situation though)! But, you know... I'm a bit biased...
In general the ATO is happy to let you deduct expenses which are incurred in relation to earning or growing your income, so if you keep that in the back of your mind you should have a pretty good idea as to whether or not that NEW SHINY THING is deductible or not!
So here are a few key deductions which you might not already be aware of:
And so many more:
The key to remember: these expenses are deductible in the year they were paid… so that’s why June 30 sales are always so popular (HAPPY EOFY!)
And remember, the ATO does have requirements that you maintain supporting receipts/evidence for the items you claim as deductions so remember to take photos of all those receipts 😊