ASM tax tips

It’s tax time again. As a 457 or TSS Visa holder, this may be your first tax return. This is our guide to what you can and can’t claim in your 2017-2018 tax return and tips to getting your maximum tax refund.

WHAT YOU WILL NEED

You will need the below documents before starting your tax return

  • Payment Summaries statement from your employer
  • Bank Statements
  • Private Health Insurance Policy
  • Receipts to claim

 

INCOME YOU MUST DECLARE

You need to include the below income when completing your tax return

  • Salary
  • Interest from your bank accounts

 

WHAT YOU CAN CLAIM

You are entitled to claim deductions for some expenses, as long as you have spent the money yourself and it has not been reimbursed.

Some of the general expenses you can claim are:

  • Clothing & Laundry expenses – Including purchase of occupation specific clothing, uniforms, protective clothing and cleaning of these items.
  • Tools and equipment – If you purchased tools for work or your employer purchased tools for you and you paid them back.
  • Clothing & Laundry expenses – Including purchase of occupation specific clothing, uniforms, protective clothing and cleaning of these items.
  • Medicare Levy Exemption – You don’t have to pay the Medicare Levy or the Medicare Levy Surcharge because you are not eligible to Medicare.
  • Education Expenses – You can claim expenses that maintain or improve the specific skills or knowledge required in your current job
  • Other Deductions – Including union expenses, over time meals, personal super contributions and more.

 

WHAT YOU CAN’T CLAIM

You cannot claim any of the below costs:

  • Regular travel to and from work – This is considered as private travel
  • Private phone or internet – Unless you are using your phone or internet for work
  • Tools and equipment that cost over $300 – The depreciation cost of these tools will be a deduction over the life of the tools

 

EXPERT ASSISTANCE

An accountant will be able to help you get your maximum refund – their professional fee is also a tax deduction.

OCCUPATION SPECIFIC DEDUCTIONS

The ATO lists some occupation specific deductions. You can read these details for some occupations at the links below: