How to Maximise Your Tax Refund in Australia

Every year, thousands of Australians lodge their tax return without claiming all the deductions they're entitled to. The result? A smaller refund — or a larger tax bill — than necessary. Here's how to make sure you're not leaving money on the table.

1. Work-Related Expenses

If you incur expenses directly related to earning your income, you can generally claim them as a deduction. Common work-related deductions include:

• Uniforms and protective clothing — including the cost of laundering them
• Tools and equipment — items costing under $300 can be claimed immediately
• Professional memberships and subscriptions — union fees, industry association memberships
• Self-education expenses — courses directly related to your current job
• Vehicle expenses — if you use your car for work (not the commute to and from work)

2. Home Office Expenses

If you work from home, even part of the time, you may be able to claim a portion of your home running costs. The ATO's revised fixed rate method (67 cents per hour from 1 July 2022) covers electricity, internet, phone, and stationery. You'll need to keep a record of the hours you worked from home.

3. Investment Deductions

If you have investments, don't forget to claim:

• Interest on investment loans
• Account-keeping fees on investment accounts
• Costs of managing your tax affairs (including tax agent fees)

4. Rental Property Deductions

Landlords can claim a wide range of expenses including interest on the mortgage, council rates, insurance, repairs and maintenance, and depreciation on assets. Negative gearing losses can offset other income.

5. Charitable Donations

Donations of $2 or more to registered Deductible Gift Recipients (DGRs) are tax-deductible. Keep your receipts — the ATO requires them for claims over $10.

Get Help From a Registered Tax Agent

The best way to ensure you claim everything you're entitled to is to use a registered tax agent. At Illawarra Accounting and Tax, we review your situation thoroughly to identify every legitimate deduction available to you.