Are You the Tax Man’s Target?

tax man

If you work then the answer is probably YES.

Unlike recent years, instead of a specific industry, this year the ATO intends to target specific work related expenses.

These areas include:

1. Claiming a computer, phone or other electronic device as a work-related expense
2. Transporting bulky tools and equipment
3. Overnight work-related expenses

This pretty much covers everyone.

If you use a computer, phone, tablet or ‘other electronic device’ the good news is that there’s a good chance you can make a claim. However, it does mean that your claim must be accurate and you must be able to prove it.

The ATO’s big push this year is to claim the right amount. No More. No Less.

Another big push is for people to consider their MyTax solution.

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Be warned though, MyTax will pre-populate some fields to make it easier to lodge but it may not maximise your return.

Tax Planning is an excellent strategy to consider to reduce your tax, here are 5 of our top strategies:

1. Salary sacrifice into your super
2. Explore a protected share portfolio strategy
3. Salary package your car
4. Debt optimisation
5. Establish a SMSF

If you haven’t already, make sure you contact our office to make sure you’re claiming the right amount, no more, no less. We always want to work with you to give you better advice now for a beautiful financial future.

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This article is provided as general information only and does not consider your client’s specific situation, objectives or needs. It does not represent accounting advice upon which any person may act. Implementation and suitability requires a detailed analysis of a client’s specific circumstances. © 2014 ChangeGPS Pty Ltd