Are you a tradie looking to get the most out of your tax return? We’re here to help with this simple six-pack of tax tips.
To get the tax return you deserve this financial year, make sure you’re claiming deductions in each of these areas — within reason.
- Car claims – check whether yours is a vehicle that will be 100% claimable or whether it requires you to complete a log book.
- Claims for second car – you may have a main car for work, but if you use a second car for banking or quoting jobs while leaving your ute and trailer on site, you also may be able to claim some kilometres for this vehicle. Just be careful with steps one and two as the ATO’s on the lookout for fraudulent claims. Give us a call for help.
- Working from home – if you work from home for quoting, planning and other paperwork you may be able to claim a ATO approved rate per hour to cover the cost of power and electricity.
- Extensive use of home – if the use of your home for work extends to a separate office and sheds to store vehicles and equipment then you may be able to more comprehensively claim expenses such as a percentage of rent, rates or house insurance related to the surface area of your dwelling used for business.
- Check your insurances. Some, such as income protection, can be claimable outright. Others, if structured as a superannuation contribution, may also be tax deductible.
- If you bought capital equipment before June 30, you can instantly write it off as a deduction up to $20,000. Read more about the instant asset write-off, which may be continuing into 2019, through that link.