Your essential EOFY checklist

If you are going to donate to charity, now is the time. Any donations you make to deductible gift recipients can be deducted this year. Remember, if you received something in return for the money, like goods purchased at a charity auction, you may not be able to claim a deduction for the full payment.

You can claim a deduction for business expenses you have incurred that have not been paid by your employer. But be careful, you need to be certain that what you are claiming is a legitimate business expense and able to be claimed.

If you work from home as part of your employment, you may be able to claim items such as phone expenses, running costs for your home, and equipment. Just bear in mind that expenses need to be in proportion to your use of the home for work purposes.

The tax treatment of what you earn by renting all or part of your house through AirBNB and similar services is the same as any other residential rental property arrangement. If you drive for Uber or a similar service, the income you earn needs to be declared on your income tax return.

However, there is a danger area that you can no longer claim, with special rules dealing with this situation that need to be taken into account. No one wants to pay more tax than they need to or face unnecessary risks. Tax Ideas Accountants & Advisers can compile a list of our top tips for you, come and talk to us https://taxideas.com.au/booking/   Tel: (02) 8318 1545

Posted in Tax Updates.