The basic rule of thumb is that if you have incurred an expense as part of your job, you can claim it as a tax deduction. However, some taxpayers stretch the patience of the Australian Taxation Office when they file their annual return.
With the cost of living on the rise, it is more important than ever to make sure you’re not paying more tax than you need to. Here are some of the top tax deductions available to help you to boost this year’s tax return.
The Australian Taxation Office declared a moratorium on collecting tax debts during the pandemic. However, taxpayers may find that they are on the hook for back-taxes when they lodge their annual tax return this financial year.