Yahoo Finance Tax time: Aussies forgetting to claim these common work items
Aussies are ‘leaving money on the table’ by forgetting to claim these common work purchases.
Millions of Aussies have lost out on their tax returns by forgetting to claim these very common work items.
More than a third of Aussies (35 per cent) admitted they had forgotten to claim their work stationery, including pens, notebooks, paper, highlighters and printer cartridges, according to new research from Officeworks.
Almost one in seven (13 per cent) of the 1,494 people surveyed said they had forgotten to claim their headphones, and one in 10 (11 per cent) had let office furniture they purchased for work slip through.
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Financial expert and the founder of Women with Cents, Natasha Janssens, said tax time could be a source of stress, anxiety and overwhelm for many people.
“But if we let our fear cause us to disengage from the detail of the process, we are potentially leaving money on the table,” Janssens said.
“While we’re trying to find ways to deal with rising cost-of-living pressures, it is important to remember that managing your tax return effectively can help to support your cash flow.”
Officeworks is encouraging Aussies to keep their receipts for tax time, after finding 12 per cent were guilty of tossing out their receipts or not keeping track of them during the year.
Can I claim tax deductions without receipts?
If you have made work-related purchases but don’t have receipts, you may still be able to claim a tax deduction.
The Australian Taxation Office (ATO) will usually allow you to claim deductions for work expenses that are $300 or less. But you’ll need to be ready to explain what the expense was and how it is related to your work.
If you are unable to get a receipt, the ATO also said it may accept evidence through a bank or credit card statement showing the amount that was paid and when and to who the amount was paid.
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