In the video, several tips for maximising tax refunds and deductions are discussed. Here are the main points:
Work-related Car Expenses
There are two methods to claim these expenses. The first is the cents per kilometre method, where you do not need paperwork but must justify the kilometres travelled. The maximum deduction is $3,300. The second is the logbook method, which requires maintaining a logbook for 12 weeks to record business and personal usage. You can claim a percentage of related expenses including car depreciation.
Work-related Travel Expenses
If you need to travel interstate or overseas for work, you can claim deductions on flights, accommodation, meals, and other travel expenses such as parking.
Work From Home Expenses
There are two methods to claim these expenses. The cents-per-hour method allows you to multiply the hours worked by a fixed rate (e.g., 52 cents per hour). The actual method requires you to calculate the percentage of your home used for work and claim that percentage of your home-related expenses.
Telephone and Internet
You can claim these expenses proportionate to their business use. For example, if your business usage is 50%, you can claim 50% of your total telephone and internet expenses.
Self-education
If your education is related to your work and helps improve your skills or increase your income, you can claim these expenses as a tax deduction. There must be a clear link between the education and your job.
