The Federal budget is out and it’s a once in a generation budget to rebuild and tame the recession. Business is at the heart of our economic recovery with a range of support measures and the creation of jobs.
If you’ve received a cash flow boost, you may be wondering if the amounts you’ve received affect your income or deductions this tax time. Here are the four essentials you need to know when lodging your tax return.
Work-related expenses can be complex, so it’s important to consider seeking professional advice from registered tax agents like Carrick Aland prior to lodging your tax return.
When it comes to lodging your individual tax return, Carrick Aland notes the important distinction between taxable income and assessable income.
If you work as a factory worker, find out what you can claim as deductions for expenses incurred as a manufacturing employee.
If you work as a sales professional, find out what you can claim as deductions for expenses incurred as an employee in real estate.
If you work as a police officer, find out what you can claim as deductions for expenses incurred as a community and personal service employee.
If you work as a nurse, midwife or carer, find out what you can claim as deductions for expenses incurred as a community and personal service worker.
