A former accountant to an Aussie media mogul has put their money where their mouth is and spilled all their tips and tricks on navigating the treacherous tax season.
Allan Mason, who was the former accountant of billionaire Kerry Packer — yes, the father of James Packer, AKA Mariah Carey‘s ex-boo thang — spilled a bunch of “truth nuggets” about tax time. Speaking to Daily Mail Australia, Mason urged for Aussies to get “educated” and “take control” of their taxes.
“I would say a good 10 to 20 per cent of taxpayers fail to claim the things they’re entitled to claim because they’re either slack or they just don’t know and people miss out because of this,” Mason told the publication.
In the chat, Mason shared a plethora of tips that all Aussies should take on board, so we can get the most out of our tax returns.
Here are all the tips and tricks Mason shared to help ya get more bang for ya buck:
WFH? Grab a diary ASAP
For the 2022 to 2023 financial year, there are two ways people can record their WFH deductions. The revised fixed rate method of 67 cents per hour and the actual cost method.
According to the Australian Taxation Office (ATO), those who are using the revised fixed rate method can “claim 67 cents for each hour you work from home during the relevant income year”.
The claims can also include:
- Home and mobile internet or data expenses.
- Mobile and home phone usage expenses.
- Electricity and gas (energy expenses) for heating, cooling and lighting.
- Stationery and computer consumables, such as printer ink and paper.
Mason urged Aussies who are using this method to “keep a diary of the hours you spend working from home” and to add them up ‘cos ya gotta grab that 67 cents per hour.
“That money is better in your pocket than with the tax office,” he said.
Treat yo’ self to a course, seminar or workshop
Our accountant to the rich and famous told Daily Mail Australia that a person can claim a deduction for rocking up to events such as seminars, conferences or workshops that’ll increase your skills or knowledge in your current job.
We also quickly touched on this on our cheeky little list of things you can claim this tax season.
“If you’re a writer, and you attend a course on brick laying that won’t help, you wouldn’t be able to get a deduction on that,” Mason said.
“Attend some seminars or courses that are designed to improve yourself in your industry a little bit. This is deductible”.
He also mentioned you can also claim registration costs, transport fare, accommodation and meals during these seminars and/or courses.
Claim that travel expense
Just like a WFH diary, Mason suggests workers keep a travel diary if they’re moving in between worksites.
Mr Mason said: “The tax office won’t allow you to claim travel from home to work but will allow any kind of travel from one work office to another office.
“Those kilometres are deductible. So, keep a record of your kilometres and claim it.”
Claim items you buy for work
Hello Kitty mouse pad? Claimed. Hello Kitty headphones? Also claimed.
All jokes aside, the accountant suggests that workers should buy items that they need for their job in June ‘cos if you’re buying them on the first of July, you won’t be able to claim them until 2024.
“You want to make sure you need that piece of equipment because you’re saving 47 cents but you’re paying 53 cents. So the benefit is just a little bit below half of what you spend,” Mason said.
If you got more than one investment property, this one is for you
Look, I’m in the depths of grappling with cozzie livs right now. So, I don’t even have one single property under my name, but our accountant to the stars has given some advice for those who have more than one.
After all, Mason was an accountant of a media tycoon.
If you’re lucky enough to have multiple investment properties, Mason suggests that if you sell one of them, you should put that profit into prepaying the interest for an entire year in advance on another property to avoid paying tax.
Honestly, I think that’s a solid list of tips and tricks from Mason if you’re looking for a fat tax return.
BRB, going to Kmart to buy two diaries and then noting that expense down to claim them next year.
