FERNWOOD FITNESS - PULSE eMagazine - Issue#13 - Flipbook - Page 57
2. Claim What You’re
Entitled To (But Don’t
Stretch It!)
There are loads of
legitimate deductions you
might be able to claim:
• Work-related expenses
(think uniforms, tools, or
travel)
• Home of昀椀ce expenses
if you’ve been working
from home
• Self-education costs
if it’s linked to your
current job
• Donations to registered
charities
But here’s the catch:
only claim what you’re
genuinely eligible for.
The ATO is smart and
increasingly uses datamatching technology to
spot dodgy deductions.
PITFALL TO AVOID:
Guessing or making up
claims. Always keep
receipts or reliable records
to back up your deductions.
3. Watch Out for
Common Mistakes
Even the savviest people
slip up at tax time. Some
frequent traps to avoid:
• Forgetting to declare
all your income — this
includes things like bank
interest, rental income,
and side hustles.
• Claiming personal
expenses as work-related
(that gym membership?
Probably not deductible).
• Not keeping receipts
or records.
• Over-claiming home
of昀椀ce expenses — make
sure you follow the
updated methods from
the ATO.
HELPFUL LINK: The
MoneySmart website is a
goldmine for simple, clear
guidance on budgeting
and tax basics.
4. Consider Professional
Advice
If your situation is a little
more complicated — say
you’ve got investment
properties, shares, crypto,
or you run your own
business — it’s well worth
talking to a quali昀椀ed
accountant or 昀椀nancial
advisor. Not only can
they help maximise your
return, but they’ll also make
sure you’re ticking all the
compliance boxes.
BONUS: Fees for tax advice
are usually tax-deductible!
5. Be Wary of Tax Scams
Sadly, tax time brings out
the scammers. Watch out
for suspicious emails, texts,
or calls claiming to be
from the ATO. The ATO will
never demand payment by
unusual methods like gift
cards or cryptocurrency.
STAY SAFE: If in doubt,
contact the ATO
directly through their
of昀椀cial channels.
6. Plan for Next Year
(Your Future Self Will
Thank You!)
Once you’ve 昀椀led your
return, take a moment to
set yourself up for next year:
• Start a dedicated folder
(physical or digital) for
your receipts and records.
• Consider adjusting your
super contributions if it
suits your 昀椀nancial goals.
• Review your PAYG
withholding if you ended
up owing money — it
might be time to tweak
your setup.
Keep It Simple,
Keep It Smart
Tax time doesn’t
have to be
overwhelming.
With a bit of
prep, a good
understanding
of what you can
claim, and reliable
resources at your
昀椀ngertips, you
can navigate
it smoothly.
And remember:
there’s no
shame in getting
professional help
— accountants and
advisors do this
every day and can
save you a lot of
headaches.
If you’re ever in
doubt, your go-to
references include:
•
MoneySmart
•
The ATO
website (ato.
gov.au)
•
A trusted
accountant
or licensed
昀椀nancial advisor
