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Tax tips for people on a salary
There are a number of ways to reduce your taxable income at tax time. Here are five handy hints for people on a wage or salary, or running a business from home:
1. There are a range of costs you can claim as a tax deduction. These include:
2. It is vital to keep a record of any and all expenses that you wish to claim as a tax deduction. Luckily, there’s a quick, efficient and easy way to do this electronically, just by taking a picture on your phone - contact our bookkeeping team to find out more!
3. Be prepared! While there are a range of common tax deductions, your industry or job is likely to have additional, job-specific deductions. Before you submit your tax return (or even at the beginning of the financial year) research which deductions are available to you.
4. If you are working from home you may be able to claim a portion of home-related costs, such as: