TAX CLAIMS CHEAT SHEET

Business & Finance September 06 2013

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Medical

If you are out of pocket more than $2,120 for net medical expenses for you and your dependents in the 2012/2013 financial year and you have an adjusted taxable income below the Medicare levy surcharge thresholds ($84,000 for singles and $168,000 for families), you may be entitled to claim a tax offset of 20% of the excess over $2,120.  To determine the out of pocket amount you must deduct from the total of the eligible expenses any amounts reimbursed to you.

Property

If you’re renting out an investment property, you can claim a host of associated expenses, such as advertising for tenants, upkeep of grounds, body corporate fees, property agent fees and even pest control. You can deduct borrowing expenses like stamp duty on the mortgage, loan establishment fees and mortgage broker fees. Renovating? Extensions and alterations may be eligible as capital works deductions. Finally, you can claim regular maintenance costs like painting and plumbing; even the cost of travelling to inspect your property is deductible.

Magazines

You read right. If you buy magazines, newspapers or other publications relating directly to your career, you can claim them as a deduction. For example, if you’re a fashion writer, you may be able to claim a subscription to Vogue. You can even claim any online subscriptions – just remember to keep all your receipts if your total work-related deductions exceed the $300 threshold. Be sure to research what claims are acceptable to your industry to make sure you are getting back what’s rightfully yours.

Keep in mind that this information is general in nature, not complete, and may not always apply to your specific situation. You should always consult your own tax advisor regarding your tax.