Looking for a few tax tips to help with your tax return?
Tax Tips for Deductions you can claim
When completing your tax return, you're entitled to claim deductions for some expenses that are directly related to earning your income. You subtract these allowable deductions from your total income to arrive at your taxable income – you only pay tax on your taxable income.
XYZ Accounting will ensure you take advantage of every deduction available for a maximum refund.
The basic rule
To make a deduction claim, you must have made the purchase in the course of earning your assessable (taxable) income, and it must not be a private, domestic or capital expense.
To help you understand which deductions and benefits may be available to you, we have provided you with tax tips and advice covering a few of the most important tax topics in Australia.