It may be difficult for some people in Australia to understand the intricacies of how taxes are levied and how they can maximize tax refunds by deducting the necessary expenses that need to be deducted. Yet, there are basic ways on how to maximize your tax refunds. The average tax refund is around AU$2,600. Hence, it would be a big loss on your part if you are not going to apply for tax refunds. There are indeed certain aspects of the regular income that can be exempted from taxes. All you have to do is know these aspects of your income that can be exempted from the income that is taxed. Always remember that knowledge is power, and if you understand and know that certain expenses within the scope of your job can be deducted from your taxable income, you will surely never think twice about including these expenses among the deductible expenses from your taxable income. After all, if the average deductible amount from taxable incomes is AU$2,600, it would be wise and good to know these different work expenses that you can deduct from your taxable income.
You may be confused as to which of these expenses are deductible from your taxable income. Let me enumerate some of these different expenses so that when you file your income tax return, you can include these deductible expenses in your tax returns. The primary deductible expenses are those expenses which you have spent for uniforms of different kinds. You can readily include the amount you have spent for uniform from your taxable income. Likewise, you can also deduct the amount you have spent for buying uniforms with logos of your employers. If your work requires you to have a specific uniform, the amount you used in buying this specific uniform is also deductible.
Moreover, if you are a member of the paramedic, you will surely have uniforms and the amount you have spent for these uniforms are likewise deductible. You can also deduct the expenses that you have spent in buying protective wear which you usually utilize in protecting yourself from injuries. Additionally, you can also claim rebates on laundry expenses.
Other deductible expenses may include the money which you have used for your educational and training expenses. These expenses may include the amount that you have spent for short courses, formal certificate courses, course fees, textbooks, equipment, stationery, and travel expenses. Moreover, you can definitely ask for tax rebates on expenses that you have shelled out for your vehicles. Say, for instance, you can have rebates on expenses for attending functions and for your travel across different locations and offsite meetings. You can also ask for rebates for travel expenses that you have spent for visiting locations of some customer services.
There are basically four ways by which you can claim rebates on these expenses. These methods are the KM based method, the Logbook method, 12% of the cost of the vehicle, and one third of operating cost. Surely, you’ll be very glad that you have known these possible rebates and deductions, for you deserve to get these rebates and deductions. There are other deductions such as rebates on internet and telephone expenses, accommodation and travel expenses, subscription expenses, seminar, computer and equipment rebate, registration fees, and union fees.