Just in time for the end of the financial year, the Australian Taxation Office (ATO) has updated many of its occupation guides, making it easy to work out what particular deductions you're entitled to when submitting your annual tax return. Everyone needs to be careful when filling out their return, but as we've noted before, IT professionals, plumbers and defence force workers need to be especially vigilant, since they're being singled out by the ATO for double-checking this year.
Tagged With tax week 2012
Dear Lifehacker, I'm free from debt on all accounts except for a student HELP debt. I have sufficient savings to pay out this debt, however given the low interest rate applied to HELP debt is my money better off invested somewhere else, such as in a high interest savings account? I know some people say you can avoid student debts entirely if you move overseas, and I want to consider my options carefully. Thanks, Prudent Ex-Student
OK, you can't yet submit your tax return for 2011-2012, but if you've organised yourself, you'll be ready to go in early July, and your refund could follow before the end of the month. If you want to start planning now for what you'll do with that windfall, we have a few suggestions.
Each year, the Australian Taxation Office singles out specific careers where expenses claims and refund amounts will be more closely scrutinised. The targets this year? IT professionals, plumbers and non-commissioned defence force officers. Plus: all the current ATO guides for deductions in specific jobs.