5 Tax Deductions Most People Miss and How a Melbourne Accountant Can Help

Most of us scramble to gather receipts and documents in the hopes of putting it all together in time for tax season. Continued updates of tax law and so many potential deductions make it very easy to miss little savings here and there. Fortunately, a qualified tax accountant Melbourne can come to your rescue. 

Here are five tax deductions that most people forget, and how the right tax accountant Melbourne can make a difference.  

1. Work-Related Expenses You Didn’t Realise Were Deductible

Do you use your own car on the job? Perhaps you bought a new laptop or subscribed to a magazine that’s on a job-related topic. Many people do not claim tax deductions on work-related expenses. So, if you’re an employee directly incurring expenses associated with your work but aren’t reimbursed by your employer, you likely can claim them. 

Examples include: 

• Business or work-related travel expenses; using your car and public transport. 
• Professional development courses or seminars 
• Trade journal due and membership subscriptions 

A Melbourne accountant will be able to account for all these small expenses throughout the year and make sure these deductions are submitted properly. 

2. Uncovering the Full Potential of Your Charitable Contributions 

Of course, everyone knows that it’s possible to claim tax on charity donations, but few realise this is not a right reserved only for publicity-friendly high-profile donations. Buying raffle tickets from your local charity or sending old clothes to the op-shop-all count. 

But most forget to write down these little contributions. Then, when it’s tax time, they have lost hundreds of thousands of dollars in tax deductions. A professional accountant will ensure that all your charitable contributions, however small, are written off and deducted. 

3. Maximising Remote Work Expenses for Bigger Tax Savings 

With much more work from home, probably the biggest write-off for most of you, there is much more to it than just the desk and chair you bought during the pandemic. 

Of course, most forget that electricity, internet, and even the depreciation of office equipment can also be deductible if you work from home. The deductions surrounding the home office might have complicated rules, but consulting with a tax accountant Melbourne will ensure that your deductions are being maximised without running afoul of the law. 

4. How Medical Expenses Can Offer Hidden Tax Benefits 

If you, or any family member, suffer from a chronic illness, treatment costs increase quickly. Fortunately, almost all the outlay in medical treatment is tax-deductible. 

Because Australians possess both Medicare and private health cover, there remains much in the form of out-of-pocket, but deductible expenditure. 

There are many out-of-pocket costs you can claim, such as the following: 

• Dental costs 
• Medicament prescribed by a doctor 
• Psychotherapy 
• Medical equipment, including ear aids or crutches. 

However, what may be claimed and what may not is not always clear. A good wizard in the tax code would be a good friend to receive the right deductions. 

5. Making the Most of Your Investment Property Tax Claims 

If you have an investment property, you are likely to know that you can claim plenty of things-for example, mortgage interest and fees payable by you to managing agents-but did you realise you could also claim things like depreciation, repairs, and even travel costs arising from inspections of the property? 

Perhaps the biggest lost opportunity in property investment relates to client knowledge.  Most clients are not even aware of what is claimable and what isn’t. A knowledgable accountant will guide you on how you can ensure you’re claiming every allowable deduction that exists and saving you thousands of dollars. 

How can a Melbourne tax accountant help grow your deductions? 

Unless you have plotted out the possibilities of all the different potential deductions, filing the taxes yourself may be one of the easier and less expensive options, but chances are you are paying more in the long run. A tax accountant Melbourne brings to the table real expertise, which would not only ensure that you are compliant with tax regulations but also ensure you take full advantage of all available deductions. 

A professional accountant will: 

• Examine your income and expenses, which will help you determine all your hidden deductions. 
• Maintain an accurate record throughout the year. 
• Helps in showing the guide as to how to set up finances to receive the maximum tax savings. 
• No mistakes in return, which therefore means that there’s no audit. 

From helping you claim the cost that you forgot to put down on your business to help you find your way through the depreciation maze that is an investment property, a tax accountant could just be what you need between tax time in Melbourne and blowing it all. 

Don’t Miss This Opportunity – Let Accountants Max Margins Save You from Leaving Money on the Table 

So, if you want to save more money, it’s already probably time to consider that you will need professional services. Max Margins Accountants specialises in maximising tax deductions specially designed for your needs and fitted in the specificity of each case. Thus, this best service can be offered to individual taxpayers, business owners, or investors regarding the possibilities for tax returns. 

Why settle for a generic approach when you can have a tax accountant who genuinely cares about helping you save? Let Max Margins Accountants help you navigate the complexities of tax season, so you can keep more of your hard-earned money. 

Last Updated on November 21, 2024