Preparing for tax time: What you can and can't claim

Now is a great opportunity to take stock of all the money you’ve spent on work-related items throughout the year. Remember, if you incur an expense as part of your job and aren’t reimbursed by your employer, you can make a claim. Depending on what you do for a living, this can lead to some unexpected deductions. Below, we outline what you can and can't claim for five top professions:

Healthcare Workers:

Claimable: Protective clothing (non-slip shoes, lab coats), conference expenses (travel, meals, accommodation), professional subscriptions, overtime meal costs, agency costs, and job-related car travel.

Ensure you keep receipts and documents to support your claims.

Retail Workers:

Claimable: Work uniforms, home office costs (67 cents per hour or actual costs), work-related courses (health and safety, Cert III in retail), and travel costs between different work locations.

Keep a log of your work hours and travel for accurate claims.

Professional and Admin Workers:

Claimable: Work-related handbags/briefcases, annual practicing certificates, home office expenses (67 cents per hour or actual costs), work-related travel (up to 5,000 kms or logbook), parking, tolls, public transport, and professional indemnity insurance.

Note: Conventional clothing and entertainment costs are not deductible.

Tax time can be daunting, but understanding what you can and cannot claim can make the process smoother and potentially beneficial. Whether you work in healthcare, retail, or a professional office, knowing specific deductions available to you can maximize your tax return and ensure you're not leaving money on the table.

#TaxTime #TaxReturns #Deductions #Healthcare #Retail #AdminWorkers #TaxTips #MaximizeYourReturn