A Queensland tax agent has revealed the deductible work expenses that taxpayers “tend to forget”.
With new stage three tax cuts coming next month, she said deductions will soon be less valuable than they are now — and shared her top tips to follow up before July 1, to get more back from tax return.
Taxpayers who “think outside the box” will be best placed to discover possible deductions disguised by tax jargon, Tax Invest Accounting director and accountant Belinda Raso told 7NEWS.com.au.
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Handbags, headphones, and a number of easily missed working from home (WFH) expenses can all be claimed, but taxpayers will need to be careful, and understand the restrictions in place for deductible items.
The ATO won’t show up on your doorstep to rifle through your handbag, but Raso said it does have other ways of checking that deductions are work-related.
“The ATO watches social media,” Raso said.
“If you spend …