"Hot tips for your 2014 Tax Return" Article by Tina Zawila

With tax time just around the corner, the Australian Taxation Office (ATO) has recently released the list of areas it will pay special attention to this tax year.

This year, instead of focusing on individual occupations, the ATO will be looking at specific work related claims.  

In particular, they will be looking closely into people who due to their occupation type claim a tax deduction for using their computer, mobile phone or other electronic device. 

In today’s world, this is likely to include almost every occupation and taxpayer in Australia!  Whether you are a doctor, teacher, electrician or hairdresser, most jobs require the use of a phone, computer or other electronic device out of hours, and this is usually reflected in our tax returns.

For people using their computers at home for work-related purposes it is very important for you to understand the distinction between what is work-related and what is personal use.

The ATO have said that they are using very sophisticated technology to check deductions and track down unusual or excessive claims which enables them to look at every single tax return.

This year the ATO will also be focusing on work-related claims around travel expenses, and people who transfer bulky tools and equipment between home and work.  In an “industrial town” like Gladstone, this is a common claim, so make sure you are eligible to claim and that your deduction is correct.

At Sothertons, our goal is to ensure your tax is legitimately minimised, by ensuring you claim all deductions to which you are entitled and that you have appropriate evidence to substantiate your claims.

Call us now on 4972 1300 to make an appointment for your 30 June 2014 Income Tax Return.  We offer a discount for the early birds who have their returns prepared in July or August.  Get in early!