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How to qualify for the $69 Tax Return
- You must have employment income only
- Have 2 or 3 simple deductions OR
- Your total work expenses are less than $300
How to qualify for the $99 Tax Return
- You have employment income only
- Before your appointment..
✅ Have your Tax File Number ready
✅ Find all your receipts before our appointment and add up similar expenses that are under $300 for a single item (see below *️⃣)
✅ Add up kilometers traveling for work, exclude travel to and from work. Have this number ready.
✅ Add up PPE purchase receipts. Have this number ready. Do not include NON-PPE items
✅ Add up donations
✅ Add up the hours you worked from home
✅ Find your receipt for last year's tax return fee
*️⃣ Gary bought a cordless drill for $301 and a screw driver for $27, an electric hammer for $299 and a work bench for $690 and a tool box for $30.
Gary should add up $27+$299+30.
He should give the receipts for the cordless drill, costing $301 and the $690 work bench, to his accountant as each of these items are more than $300.
Another $300 RULE
If your total deductions are above $300, ATO advises that you ensure you have receipts for all expenses. So keep them in case ATO ever asks you to present them. You need to keep these for 5 years.
Keep in mind:
If any item you purchased for work is over $300, it may need to be depreciated. There maybe a small increase in the fee.
If there are too many categories of expenses, your fee can increase by $10 to $30. But don't let that deter you. The tax savings are usually higher than the small increase in fees.
Ambiguous expenses do increase fees.
If we need to determine the deductibility of an expense or the relevant portion of it, or you have questions or wish to discuss your income and deductions, these will increase the appointment time. You can expect an increase in fees.
➡️ Examples:
1. Sarah spent $2,000 on a course. She would like to claim the expense. But ATO has strict rules and we have to determine its deductibility.
2. Michael paid for work shoes and also bought pants just for work. These were at his employer's request. He would like to claim these expenses. However, ATO has strict rules about work clothes. We have to help Michael to determine if he can claim these.
Although Sarah and Michael can expect a slight increase in their fees, when it comes to ensuring your tax return is legally correct and accurate, the small increase in fees is trivial.
❌What NOT to do❌
❌ Do not look for your Tax File Number. Have it at hand.
❌ Do not look for your receipts during meeting.
❌ Do not guess expenses.
❌ Don't include expenses that you don't have receipts for, unless the total of ALL your expenses is $300 or less.
❌ Do not include work clothes that are not PPE or distinctive uniforms.
❌ Do not include expenses that are not directly related to earning your employment income.
❌ Do not include expenses that have been specifically disallowed by the ATO. If unsure, we will advise you.
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