1. Recover the operating costs of the domestic office and team updates.
“Many office professionals who work from home at least one or two days a week do not know the amount of money they can claim in deductions for the expenses that occur while working remotely,” says Dr. Raftery.
“There are two methods. The first is the fixed rate method, which allows you to claim 67 cents per hour worked from home. This covers costs such as electricity, gas, telephone use, internet, stationery and computer consumables.”
“The second is the actual cost method, which allows you to claim the real expenses you have incurred as a result of working from home, including the depreciation of furniture and home office equipment.”
2. Courses and training related to work.
Professional development can be deductible for taxes if there is a direct relationship with your current job.
“If you have attended conferences, workshops, seminars and other professional development activities, you can claim the cost to attend as a tax deduction. To be eligible, you must spend the money yourself, not be refunded and have a record to prove it, such as a receipt,” says Dr. Raftery.
3. Make additional contributions with a closing.
Regardless of your income level, investing in your overcoming is a great tax reduction tool.
“Contribute up to $ 30,000 for financial exercise and pay 15 percent, which is significantly lower than marginal tax rate,” says Dr. Raftery.
“ If your super balance was less than $ 500,000 on July 1, 2024, you can advance up to $ 132,500 in unused amounts of your annual concessional allocation during the previous five years ($ 25,000 of cover during 2019/20 and 2020/21 years and $ 27,500 in 2021/22, 2022/23 and 2023/24 years) and make a higher contribution this year.
“In addition, if you are a low income winner (less than $ 60,400) and make a super-tax contribution of up to $ 500, you can also opt for a co-control co-control of the Government.”
4.Pgrade your work team to keep your business on the move.
According to Dr. Raftery, poor quality or aging digital teams are considered to be not professionals now, technological advances and accessibility of devices.
“Smart business professionals constantly review the life cycle of their digital and general office teams to ensure that employees are productive and faculties in their daily work,” says Dr. Raftery.
“Eofy is the perfect time to review and invest in technology such as noise cancellation of meetings, larger desktop monitors or even furniture in the workplace such as ergonomic chairs. Even cooking supplies, such as coffee machines, can not be forgotten, which can make a big difference with your return.”
5. Other expenses related to work.
There are several expenses related to work that can be described as tax deductible, according to your work and your individual situation.
According to Dr. Raftery, “ these expenses are often not recognized, as they are not considered significant. Some examples include union rates, subscriptions for work -related purposes and foods bought during extraordinary hours. It is important to keep in mind that if you pay your fees or subscriptions in advance for the next fiscal year before June 30, 2025, you can claim this year.
6. Make a tax return with a fiscal professional.
Did you know that you could receive a tax deduction if you pay a fiscal professional to complete the tax return last year?
“It is always a good idea to ask the appropriate advice to a registered fiscal professional when organizing your matters. Ensure -claim any tax accounting or advice from the previous year to maximize your eofy benefits,” says Dr. Raftery.
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Resignation: This information is only general and does not constitute a professional advice. You must request professional advice regarding your particular circumstances before acting.