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 I Simply Don’t Have The Time Or Energy To Exercise Now is a great time to start getting moving more. As we progress into the warmer months, and longer daytime lets take advantage of our great country. Over this edition and next month’s edition we are going to give you short sharp ways to get active leading into Summer. ICI Insider – Your free guide to building your teams resilience Want to gain a competitive edge? ICI Insider presentations will give you the advantage you’re looking for. Bite sized live civil industry updates you can consume in 20 minutes – without leaving your desk. 8 Tips To Start 2021 With The Right Intent 2020 is a year that we will never forget. It has challenged us to grow, evolve and become more resilient. As we arrive on a well-deserved Christmas and New Year’s holiday, it is an opportune time to reflect and prepare to launch into 2021 feeling fresh, recharged, and with the passion to lead with purpose. How you get along with your manager can shape your health, happiness, and productivity Every business wants to do well, both in society and in its bottom line. And one of the most important factors is the boss factor. The boss factor is the fact that bosses have an enormous influence on workers’ well-being through their relationships. 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! Comment (0) Comments are closed.