Tax Time

With tax time approaching, it can be a headache to process your taxes and claim your deductions. Paying tax on your income is something everyone has to do, especially when you earn money from work and investments.

The amount of tax you pay each financial year depends on two factors - how much you earn and if there are any deductions or offsets you can claim. Frequently, people pay income tax as they earn money throughout the financial year. When you are an employee, your employer will deduct tax from each pay. When you are self-employed, you have to be responsible for setting aside the money and paying it yourself.

During the end of each financial year, many will lodge their tax return with the Australian Taxation Office. You can complete your tax return online through myTax or with support from a tax agent or accountant.

Deductions you can claim

You can claim deductions for some expenses when completing your tax return.

Deductions on Work-related Expenses

To be eligible to claim work-related expenses, you must:

Work expenses may include:

Other Deductions

You may also be able to claim a deduction for:

Income you must declare

Every financial year, you are required to declare income you have received on your yearly tax return. When filling online, most information is pre-filled from information the Australian Taxation Office has received from employers and financial institutions. This being said, there may be some information you will need to enter manually.

For every tax return, you must ensure that all information is accurate and complete.

These are types of income you are required to declare:

Additionally, you are required to declare earnings you have received from:

For additional information, contact Wagtail Wealth today.

IMPORTANT NOTE: This information is general advice only and does not take into account your personal circumstances, goals and objectives. Therefore, you should consider its appropriateness for your circumstances before acting on this information.

← Back to Blog