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Tax Deduction Tips

Perhaps the most important thing to know about Tax Deductions is that the amount of your Tax Deductions are directly related to how well you keep records of your expenses. The better you keep your records the more likely it is that you will be able to claim deductions.

Naturally the more Tax Deductions you are eligible for the less Tax you will be obligated to pay on your Gross Income.

So keeping good records of expenses and knowing what expenses are eligible for a Tax Deduction are both very important strategies to take under consideration if you wish to minimise your tax obligations.

Below are just a few of the Tax Deductions which you may be eligible for;

Work Related Travel

If you are using your own vehicle to travel on work related tasks you may be eligible for a deduction. Keep a car log book to record how many kilometres you have traveled and how much you have spent on maintenance and petrol. You will need to know the size of your car's engine and petrol tank for these calculations.

If you use public transport such as taxi's, buses or trains to undertake your work and you pay for this transport out of your own pocket keep hold of your receipts so that you can claim against this expense.

Pre-Paid Interest on Investment Loans

Some types of investment loans allow you to pay interest up to 12 months in advance, pre-paid interest is also tax deductible. Paying the interest on your loans as quickly as possible may be a good way to pay off your loans quicker with the added boost of a tax deduction.

Charitable Giving

Giving to charity can not only be a good way to help those in need, it is also perhaps the most compassionate way you can reduce your tax obligations.

All donations over $2 dollars are tax deductible, once again remember to keep hold of your receipts if you wish to make a claim.

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