Lodging your tax return is easier when you know what you can or can’t claim as a deduction.
Teaching and educational support staff incur many expenses throughout the financial year which can be claimed as a deduction, but these can be tricky to navigate.
In response to the large percentage of the Australian workforce who worked from home as a result of the pandemic (and for those that continue to do so), the Australian Tax Office last year introduced a simplified ‘shortcut method’ where workers can elect to claim a base deduction of 80 cents per hour for work undertaken at home between 1 March 2020 and 30 June 2021.
It is important to be aware that some employees will be financially better off using the existing ‘fixed rate’ or ‘actual cost’ method rather than the new shortcut method.
Union fees are tax deductible
Your union memberships fees remain tax deductible, so ensure you include a statement of your fees paid for the 2020/2021 financial year.
Statements and receipts can be accessed and downloaded by visiting www.myieu.org.au and logging into your MyIEU portal, navigating to the ‘Manage MyMembership’ tab and selecting ‘My Tax & Receipts’.