It’s tax time again, and over the next four weeks you can learn more about what’s expected from you as a taxpayer in this informative feature.
It will include tax tips and highlight local taxation experts who can help you with your claims.
We start this week with the basics — declarable income and deductions you can claim.
It is your responsibility to ensure your income listed on your tax return is accurate and complete.
Types of income you need to declare include: employment income; super pensions, annuities and government payments; investment income (including interest, dividends, rent and capital gains tax); business, partnership and trust income; foreign income; and crowdfunding.
Other incomes you need to declare include compensation and insurance payments, discounted shares under employee share schemes, and prizes and awards.
When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income.
To claim a work-related deduction you must have spent the money yourself and weren’t reimbursed, it must be directly related to earning your income and you must have a record to prove it.
If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion.
Deduction areas include: Vehicle and travel expenses, including travel between work and home; clothing, laundry and dry-cleaning expenses; gifts and donations; home office expenses; interest, dividend and other investment income deductions; self-education expenses; and tools and other equipment.