Tax-back gems you may not be aware of

THEY’RE the little deductions that add up, so you need to stay on top of them. Make sure you or your accountant don’t forget to claim these things.

Nurse next to a patient while holding a clipboard in hospital ward Learn Poster. Blood donation. June 16.

NEXT Tuesday is June 30. Not only does it herald the midyear school holidays, it’s also the end of the financial year. So what are the things you should be thinking about now to make sure you get the most tax back?

I’ve done a little digging and, with the assistance of Geoff Power from Prime Partners, here is a list of things you might not realise you can claim.

● Uniforms with an employer logo or special protective clothing — and as a bonus you can claim for cleaning uniforms as well

● If you participated in a long-term (over a month) course related to your employment, your tuition and related expenses could be claimed

● Unions fees and memberships of work related organisations

● Income protection insurance

● Number of hours worked at home each year

● Electronic devices costing less than $300

● Briefcase, bag or protector for your laptop

● Computer software for work purposes

● Stationery and pens

● Mobile phone

● Home phone

● Internet

● Foxtel or TV subscriptions, depending on what industry you work in.

If you sell your holiday house (and hey, who doesn’t have a holiday house like this), you can claim all sorts of deductions.

Also keep in mind that if you have sold an asset like a holiday home and you’re up for capital gains tax on that sale, you can take steps to lower the tax you have to pay. For example, you are entitled to reduce the profit on the sale by the amount of costs like mortgage interest, council and water rates, insurance and repairs that you didn’t previously claim because the property was not producing an assessable income.

Aside from knowing what expenses you can or can’t deduct, it’s also important to make sure you have all of the documents that you need to do your return. These include:

● Group certificate from your employer

● Interest income from banks and building societies

● Dividend statements for dividends received

● Rental property statements from real estate agent and details of other expenditure incurred

● For real estate sales or purchases, the solicitor’s correspondence for the purchase and sale

● Health insurance and rebate entitlement

● Family Tax Benefits received

There are many ways that you can legitimately get more money back on your tax return. It just takes a little knowledge and preparation.