14 July Maximise your 2020 Tax Return July 14, 2020By ICI Administrator Newsetter 0 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! Related Posts 5 Reasons To Check What Your Superannuation Is Up To Superannuation - every working Australian has an account but not all understand it. With the government’s recent scheme of early access to superannuation, activity within super accounts have been at all-time high, with 2.6 million Australians withdrawing funds. 4 Ways To Overcome Leader Loneliness In 2020 Harvard Business Review reported that 61% of CEO’s feel that loneliness hinders their job performance. Leader loneliness is a real problem affecting our society. Have you ever felt lonely, isolated and there is no one you can speak to, as a leader? Well, you are not alone! Four Tips to Increase Your Energy Your own health and wellbeing often an overlooked element of being a high performing leader or employee. Today we start your journey by focusing on 4 key steps to put you in the optimum state in order to give your team the best version of you every day. How to Save Money on Your Food Budget Now more than ever, families need to look at ways in which they can save money on their weekly grocery bills. We have placed together a number of steps that can see you not only decreasing your food budget but saving for that much needed holiday, renovation or new home. Setting Goals for your Career Plan Have you ever wondered why one individual is more successful than another? It’s not because they are smarter, well, in some ways yes but it’s not brain smarts. It’s because they take the time to plan, they look at what it is that they are setting out to achieve and break it down into bite size chunks. They create a road map so they know exactly where they are starting, the steps that need to be taken to achieve the ultimate goal and they don’t stop there. They regularly review their progress and make deviations to the plan if it is to serve them. Invest In You In 2020 In the following opinion piece, David Castledine, CEO of CCF NSW and the Institute of Civil Infrastructure, shares his personal approach to professional development. In my view, everyone should invest some time in personal learning. It’s good for themselves and their career, and it’s good for the industry. Everyone knows this, but few do it, particularly in the civil industry. Here is the strategy I have honed over my 40-year working career; it has taken me from Apprentice to CEO. Comment (0) Comments are closed.