It’s that time of year again when June 30th sneaks up on us, marking the end of the financial year. While you may be occupied with taking care of others, it’s crucial not to overlook your own financial well-being. Remember, you only have one shot at making claims each year, so make it count!
To ensure you make the most of your claims, there are a few key things to keep in mind. Firstly, make sure you’ve already paid for the expenses you plan to claim. Additionally, you need to demonstrate that these expenses are work-related and haven’t been reimbursed by your employer. It’s always beneficial to have proof of the expenses, so keep those receipts handy!
Now, let’s talk about the rewarding part – the deductions you can potentially make. There are several common deductions that could work in your favour. For instance, if you’ve purchased any additional uniform items for work, those expenses can be claimed. Similarly, any education costs you’ve incurred to enhance your skills or knowledge are also deductible. Don’t forget if you have your own personal professional indemnity insurance policy – it’s another claim-worthy expense! Lastly, membership fees for professional associations like ACN, ACM, and ACCCN can also be included in your claims.
If you’re planning to lodge your own tax return, mark October 31st as the deadline for submission. However, if you’re working with a registered tax agent, you have a bit more breathing room before you need to lodge.
As the financial year draws to a close, take a moment to focus on your own financial well-being. By maximising your tax claims before June 30th, you can ensure you’re making the most of your hard-earned money. Don’t miss out on this opportunity – gather your receipts, organise your expenses, and make sure you include everything you can!
If you’re a community support worker or direct carer it pays to learn what you can claim. Find out more here
If you’re a nurse or midwife, it pays to learn what you can claim. Find out more here.