Articles | Maximise your 2020 Tax Return

 

 

 

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Maximise your 2020 Tax Return

Maximise your 2020 Tax Return

By Fran Hughes is a Certified Financial Planner and Head of Financial Solutions at Nexia Perth, www.nexia.com.au

 

 

 

 

Looking to maximise your 2020 tax returns? Here are 10 common tax deductions for engineers, supervisors and civil infrastructure managers. 

Work from home expenses

This year the ATO introduced a ‘shortcut’ method for calculating relevant tax deductions for anyone who worked from home between 1 March 2020 and 30 June 2020. These include costs such as electricity, internet, phone use and capital depreciation. The method used is 80 cents for each hour worked from home over the time.

Mobile phone use

Whether you’re making or receiving calls, or using the mobile phone at work, you can claim a portion of your mobile phone bill on your tax return, if you have used it for work related purposes.

Work related car tax deductions

Engineers, supervisors and most civil infrastructure managers often find themselves on the road as part of their job. If you use your car to visit sites, or travel between work locations or to meetings, events or conferences, the cost of the travel is tax deductible.

Clothing and Laundry Expenses

If you have been issued with a uniform that has a business logo or branding, the cost for laundering any uniform or protective clothing is tax deductible.

Protective Clothing and Equipment

The purchase of goggles, protective boots, sunglasses, hats or hi-vis vests that you purchase as part of work, is tax deductible. Keep a copy of your receipt for proof of purchase.

Conference, Seminars or Training

Workers in Civil Infrastructure often find themselves having to upskill through training, seminars or conferences. The cost to attend including the cost of meals and accommodation if you stay away from home is tax deductible.

Stationery and Work Bags

Don’t forget to include the cost of stationery, diaries, planners, pens or notebooks for work. You can also claim the cost of a work or laptop bag.

Books and Magazines

If you subscribe to industry-based magazines or publications for research and reference purposes, ensure you keep the receipt and add it to the list of deductions.

Annual Union and Membership Fees

Union and membership fees are part and parcel of being in the civil industry. Why not receive the added bonus of including the cost as a tax deduction.

Tax Agent or Accounting fees

Last but not least, why not lodge your tax return with a registered tax agent of your choice.  The fees are fully tax deductible!

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