Leap into tax season

THE end of the financial year is here, and it’s time to leap into tax season armed with your receipts. For some of us, tax time can be scary not knowing if we will get a refund or be slogged with a hefty tax bill. To help ease your fear, here is a list of last-minute quick tax helpers that just might snap you a refund this year.
1. Did you know you can claim deductions for a home office? You don’t need to be self-employed, but if you are required to handle emails from home you’re entitled to claim a tax deduction for a percentage of your running costs and equipment. Speak to your tax agent to find out what you can claim.
2. Now is the time to update your tools. The government is offering a $20,000 rebate for small business, so you can buy now and claim a tax deduction in the same year and help reduce a possible tax bill. The legislation is yet to be approved by the senate, so make sure you chat to your tax agent before you head out on a spending spree.
3. Small purchases can be claimed, too. If you’ve bought a keyboard, mouse, wifi modem or any type of small business purchase, it can quickly add up and lead to a healthy deduction off your income.
4. Get spending for next year. Experts say prepaying for expenses related to investment properties up to 12 months in advance can be used as a deduction in the current financial year. Income protection insurance, membership fees and subscriptions can all be paid in advance and taken into consideration for this financial year.