 As we approach the end of the financial year you may be anticipating a juicy tax return, or dreading a tax bill. Either way, these tax deductions may help reduce your taxable income and keep more of your money in your pocket. Financial Advice Fees
Some financial advice fees are tax deductible. You can learn more here, but the gist is:
Contact your financial adviser for a copy of your paid invoice. You may need to provide this to the ATO if they request it. Income Protection Premiums If you pay your income protection premiums out of pocket (not through your super fund) you may be able to claim it as a tax deduction. This is because the ATO treats it as a direct cost of your income, as it is there to replace your earnings if you are sick or injured. How do I claim? Your insurer will send you a letter with the total out-of-pocket premiums you pay in a financial year. Depending on the insurer, this could come as early as July or as late as October. If your insurance is managed through a financial adviser, the easiest way to obtain this statement is to request it from them. Personal Superannuation Contributions If you make personal (after-tax) contributions to your super fund, you may be able to claim them as a tax deduction. There are usually limits to how much you can claim in a given financial year. Visit the ATO website to learn more. How do I claim? Once you make your personal contribution you will need to submit a Notice of Intent to Claim a Tax Deduction to your fund. They will then send you a confirmation of this you or your accountant/tax officer can use for your tax return. What can impact your ability to claim?
If you’re unsure whether you can claim any of these on your tax return, you’re welcome to consult the ATO website for a detailed breakdown of what is claimable. Alternatively, you can consult with your financial adviser or tax accountant on what, and how much, you’ll be able to claim. Comments are closed.
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