Optio Tax Tips

Tax Tips

Include all income including bank account interest and dividends received.
Remember to include payments received from Centrelink and other Government agencies.
A Tax Guide usually accompanies annual tax statements from Unit Trusts and Managed Funds. This guide provides useful information when completing your return. Make sure you also have a Capital Gains Summary.
Motor Vehicle claims usually require evidence of kilometres travelled. You should keep a diary record or log book, depending on the method used to calculate your claim. Please contact us to discuss this if you need further information.
Uniforms need to be compulsory and distinctive (with a work logo) or a registered non-compulsory uniform. Your employer can advise the uniform’s registration number if your uniform is a registered non-compulsory uniform. Clothing available for sale to the public is not a uniform even if your employer says it is compulsory to wear to advertise your employer's brand of clothing.
The $300 limit for no receipts relates to work related deductions only. You must have receipts for donations, tax agent fees, investment and business deductions.
If you are claiming under $300 for work related deductions with no receipts, you are still required to justify how you calculated your deductions. You cannot simply claim $300 without any justification.
You may be allowed a deduction for any education you undertake whilst working. The education must be directly related to the work you were doing at the time.
Education expenses are not deductible if they only relate to a future job or a future change of position within your employment.
Your health fund will send you a statement showing details of your membership and Health Fund rebate entitlement at the end of the financial year. Please have the statement ready, as we will need these details for your tax return.
The Tax Office will only allow a portion of expenses relating to personal computers, mobile phones or other equipment. You need to keep a diary record of all computer usage for one month to calculate your work related usage of the equipment.
Refunds are credited to your bank account by the Tax Office. You need to have your bank account number and BSB number ready when we complete your return.

Return to Tax Help

Optio Accountants

Tax Tips

Include all income including bank account interest and dividends received.

Remember to include payments received from Centrelink and other Government agencies.

A Tax Guide usually accompanies annual tax statements from Unit Trusts and Managed Funds. This guide provides useful information when completing your return. Make sure you also have a Capital Gains Summary.

Motor Vehicle claims usually require evidence of kilometres travelled. You should keep a diary record or log book, depending on the method used to calculate your claim. Please contact us to discuss this if you need further information.

The $300 limit for no receipts relates to work related deductions only. You must have receipts for donations, tax agent fees, investment and business deductions.

If you are claiming under $300 for work related deductions with no receipts, you are still required to justify how you calculated your deductions. You cannot simply claim $300 without any justification.

You may be allowed a deduction for any education you undertake whilst working. The education must be directly related to the work you were doing at the time.

Education expenses are not deductible if they only relate to a future job or a future change of position within your employment.

Your health fund will send you a statement showing details of your membership and Health Fund rebate entitlement at the end of the financial year. Please have the statement ready, as we will need these details for your tax return.

The Tax Office will only allow a portion of expenses relating to personal computers, mobile phones or other equipment. You need to keep a diary record of all computer usage for one month to calculate your work related usage of the equipment.

Refunds are credited to your bank account by the Tax Office. You need to have your bank account number and BSB number ready when we complete your return.

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