Another June 30 has been and gone, and just like that the 2015/16 financial year is all wrapped up. For many - this writer included - the most (and perhaps the only) exciting thing about EOFY, is tax time!
Yes, unless you are self-employed, own positively geared properties, or have sneakily/unknowingly skimped on your tax reductions throughout the year, you are probably due for some handy $$$ back into your bank account in the coming weeks.
This sum of money can vary greatly from person to person, and year to year. While you may have been gifted a hefty sum in previous years, there are countless variables that could see your return reduced this time around (tip: don't spend it before you have it, or you might receive a nasty shock when you go to lodge). Hey, it's not all bad - the reverse also applies!💰
There are countless myths surrounding what you can and can't claim, which can make it very confusing when you are trying to submit an honest tax assessment (and avoid quizzical follow-up calls from the ATO). Many tend to adopt a 'skim and submit' strategy, without taking time to read all of the information provided. To help out, we have put together a short list of tax deductibles that you may not have been aware of. Hopefully these pointers will help to bring some money out of the taxman's pocket and back into yours!