Story written by Alexandra Wells
THE Australian Taxation Office has today announced target areas it will focus on for annual tax returns.
Rather than focusing on individual occupations, the ATO will this year pay attention to specific types of work-related claims.
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On the watch list is people who claim a tax deduction for any electronic devices used for their occupation.
Electronic devices are acquiring a fast growing share in work related expenses claimed each year.
ATO assistant commissioner Karen Anstis said while people may use their computer at home for work-related purposes, it is important they understand the distinction between what is work-related and what is personal use.
The ATO will also be looking at travel expenses and people who carry large tools and equipment between work and home for occupational purposes.
[signoff icon=”icon-attach”]Tips to reduce your personal tax bill:
1. Seek professional advise
Seeking advice can make your financial situation better. Professionals keep up with new tax laws and can give you tips on getting out of debt and make the tax process quicker.
2. Donate to charity
If you donate money to a registered charity, you may be able to receive a tax deduction.
3. Buy health insurance
If you are a high income earner. Take out private health insurance to avoid the Medicare Levy Surcharge.
4. Keep receipts
The ATO will generally deny an expense claim if you have not attached the receipt to support your claim.[/signoff]
For more information visit www.ato.gov.au