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Most of the things that helped you with your studies or to do your job well are tax deductible
It's goodbye to the 2012-13 financial year and time to get your tax affairs in order. Spring is on its way and you can spend a cosy night or three during winter digging out all the mountains of receipts you've (hopefully) saved.
What receipts, you say? Well, now is the time to rectify bad habits if you haven't been filing all tax deductible expenses. Make yourself a filing system and put all work or study expense receipts into it religiously. Clear your purse or wallet fortnightly, throw away any useless receipts and file the tax deductible ones.
Most of the things that helped you with your studies or to do your job well are tax deductible. Just remember, to claim tax deductions you must be earning more than the tax-free threshold, which is currently $18,201 per year. However, even if you've earned less than this but had tax deducted because you worked a part-year, you're still entitled to claim the tax back.
Your group certificate from your employer/s or statement of annual income from Centrelink will give you all the vital information to get started. Now, read on to see the list of items that you can potentially count as tax deductible. Consider deducting:
Here's some more good news. If you've borrowed money from a private financial provider to fund your course fees, the interest you've paid during the 2012-2013 financial year is tax deductible under self-education expenses. Consult your lender to calculate the interest amount you can deduct for 2012-13.
As with all financial matters, you should consult your own registered financial adviser or the Australian Taxation Office (ATO) to be sure that this general advice suits your individual circumstances. The ATO's e-tax facility allows you to lodge your claim online and guides you through the requirements step by step. Give this a go if your tax affairs are pretty simple.
This post was originally published on TAFEnow on 27 June 2013. TAFEnow is an Australia-wide online provider, operating out of North Coast TAFE, one of the 10 TAFE NSW Institutes. Enquiries can be directed to tafenow.com.au.