Need to ‘compute’ your tax deductions?
Well, good news! The Australian Taxation Office (ATO) have shared some helpful tips and resources to give you a hand this tax time.
‘So what can I claim?’
Tax time is right around the corner. If you need help understanding your deductions, check out the ATO’s tailored occupation guide for IT professionals. It also covers some helpful info on the income and allowances you need to declare, and the records you’ll need.
Claiming a working from home deduction?
If you’ve worked from home this financial year, there are two ways to calculate your deduction this tax time – the revised fixed rate method, or the actual cost method. From 1 July 2022, the revised fixed rate method has increased from 52 cents to 67 cents per hour worked from home, and no longer requires you to have a dedicated home office space. The expenses covered in the rate, and the records you’ll need to keep, have changed too.
And the best time to lodge?
The best time to lodge is from late July, when most of your information from employers, banks and health funds has been automatically included in your tax return. All you’ll need to do is check the pre-filled information is correct, add any income that’s missing, and claim your deductions!
Once you’ve lodged, you can check the progress of your return online by logging into ATO online services through myGov or the ATO app.
Remember, most tax returns lodged online take about two weeks to be processed.
Want to learn more? Visit ato.gov.au/IT