5 Common Tax Deductions People Miss

Рет қаралды 8,912

Күн бұрын

As a tax agent, I have the goal to help all of my clients maximise their tax returns. The easiest way to do this is to maximise the deductions you claim. In today’s video, I go through 5 Common Tax Deductions People Miss.
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⌚️Timestamps
0:00 5 Common Tax Deductions People Miss
0:12 Tax Software Costs
1:12 Income Protection
2:34 Donations to Charities
4:15 Self Education Expenses
6:05 Work Related Travel
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Ethan 'Rooshock' (Rucioch) is an Australian business owner in his late 20's. He is the owner and director of Rooshock Accounting, an accounting firm. He is also the creator of an NFT project, Rooshocks. In his spare time, he enjoys travelling, spending time with his family and watching countless hours of sport. On this channel you will find a range of different content, including personal finance, business advice, tax tips, crypto tax tips, NFT discussions and even Ethan analysing some popular TV show businesses from an accountant’s perspective.
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Disclaimer
Every effort has been made to ensure that the information in this video is accurate. The information in this video and on this KZfaq channel is for entertainment and general information purposes only. It should not be taken as constituting professional advice. You should not rely on it as financial, legal or tax advice. There are always risks in any financial decision and all decisions should be made on an individual basis. You should conduct your own research and seek independent professional advice where needed. Some of the links in this video or video description may be affiliate links. Ethan Rucioch, Rooshock Enterprises Pty Ltd, Rooshocks NFT Pty Ltd or any other related party may receive a commission through these.
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#taxtips #taxdeductions #taxtime

Пікірлер: 43

@EthanRooshock Жыл бұрын

Want me to cover a particular topic? Leave a suggestion below!

@AircraftCarrierWo Жыл бұрын

Here's a question that's a bit more relevant in the present age. Lets say you're a content creator that's making a small amount of money on KZfaq. However, your overall expenses to produce the content would definitely turn any amount your earn from KZfaq become a huge loss. Does this need to be declared as income, and if so would the reductions then make this become a free money glitch during tax time? A simple example would be if you make $300 a month from KZfaq, but spend over $10000 a year on equipment, trips overseas to make content (you can call this a travel vlog) etc. This could also apply to people who sell things on the side, such as collectables (where a lot of people would've spent way more on obtaining collectables than selling them). Tried researching this topic and there seems to be a lot of grey area on this, especially when determining is something is a hobby or a business. Couldn't you make a business for your content creation, then never make a profit and incur a lot of loss every year to reduce your overall income?

@EthanRooshock Жыл бұрын

@@AircraftCarrierWo I'm planning on covering content creators in a future video. I've got a video that covers this topic kind of called Why You Should Treat Your Hobby Like a Business. Some of what you said is spot on BUT there are non-commercial loss rules that stop it being easy to just deduct against your other income. I'll touch on all of this in a future video. Thanks for the suggestion!

@missxti Жыл бұрын

Hi Ethan! Great channel, I've been slowly going through your vids and have a question. I was recently paid out some parental leave which I applied for before EOFY and as a result the payment was added to my 22-23 income and taxed by nearly half. Given my 23-24 income is going to be peanuts in comparison, I'm thinking I may have sought the claim a little prematurely and wonder if it would've played out differently had I waited until the new financial year? Would love a video explaining how tax works around government payouts like parental leave. Cheers!

@EthanRooshock Жыл бұрын

@@missxti Yeah if you're going to have a future year with very little income, it could have been more beneficial. Not much you can do about it now though unfortunately. Thanks for the suggestion!

@DancingIpod Жыл бұрын

Having an email folder can definitely make finding the documents easier when you need them.

@EthanRooshock Жыл бұрын

Yep, easy way to keep track of things!

@stevekarvo6299 Жыл бұрын

Drinking game: Take a drink when Ethan says "Tax deductible or Tax deduction"

@EthanRooshock 11 ай бұрын

Hahaha

@rikux27 Жыл бұрын

This video helped me remember a $20 donation I made last year, so thank you!

@EthanRooshock Жыл бұрын

Haha awesome!

@onuraydinli322 Жыл бұрын

Very educational and informative videos, thanks for sharing. I’m in a complex situation, recently got a TPD payout into my super account. I’m still well away from 60 years old, if a need that fund what would be the best way to access it without paying too much tax? Thanks

@EthanRooshock Жыл бұрын

You'd be best to speak to your accountant directly about this, or the ATO. Super is a complex area.

@jameskareroa1392 10 ай бұрын

Great Vid! Didnt even know about income protection. Question though can claim on 2021-2022 income protection on this return? As i didnt claim it on my last tax return

@EthanRooshock 10 ай бұрын

Thanks. You'd need to amend your prior year return.

@Media_Madman Жыл бұрын

When it comes to travel expenses. As a reseller if i travel to network with other resellers, goto reseller conventions/expos and/or to investigate a potential bulk purchase or sourcing option.... can i claim the travel and accomodation in my tax return?

@EthanRooshock Жыл бұрын

Business is a bit different to an individual. I have a video coming out within the next week talking about this topic. Comes down to a variety of factors but in general, if it s business related then yes. There could however be a personal portion depending on the type of travel.

@pdjhh Жыл бұрын

Hi Ethan. What if I go to a trade show or expo overseas can I claim flights?

@EthanRooshock Жыл бұрын

Is it work or business related? Then yes. Just be aware of any personal portion of the trip. ATO do have some details on what type of records you should keep.

@user-rp8du1ju2j Жыл бұрын

Hi Ethan! If I receive a meal allowance from my employer when I'm travelling for work, can I still enter all my food purchases as a tax deduction?

@EthanRooshock 11 ай бұрын

Food is quite a complex one but if it meets the ATO definition of an allowable deduction for travel, then yes. If you are receiving a taxable allowance, that would be included as taxable income.

@markopolca Жыл бұрын

Hi Ethan thank you for your suggestions! My concern is if I paid lets say 600aud out of my pocket for travel expenses and then employer reimbursed it, how can I make sure I specify its not taxed in my application? Cheers.

@EthanRooshock Жыл бұрын

Do they pay you an allowance or is it just reimbursed?

@markopolca Жыл бұрын

@@EthanRooshock one time reimbursement. They asked me to pay from my pocket and then reimbursed me after few weeks. I am just wondering if ATO will treat it as some kind of income and put tax on it or there is a way to exclude it from being taxed? Cheers

@EthanRooshock Жыл бұрын

@@markopolca If it doesn't show on your income statement, then it won't be declared as income (and you then can't claim any expense as you were reimbursed).

@markopolca Жыл бұрын

@@EthanRooshock thank you Ethan! You rock!!!

@EthanRooshock Жыл бұрын

@@markopolca Thanks!

@CHS_BLue 26 күн бұрын

Hey man I just done my tax for last year, I didn’t have to pay anything, my entire tax was paid for during the year with each payslip. Now I deducted around 1k worth of work related expenses. I just don’t understand where that 1k goes. Since I had no tax to pay, it didn’t reduce anything, but I also didn’t get anything back from it at all. I just got my already calculated base refund. Like deducting all my receipts was useless. wtf happened I’m confused?

@EthanRooshock 25 күн бұрын

Not sure without seeing your return sorry. Best would be to have a chat to your tax agent who did your return. If you did it yourself, then you'd have to speak to the ATO if you want further explanations of the basics of how tax and deductions work.

@klarabrandt5893 Жыл бұрын

Hi Ethan! Your channel is currently a life saver, I'm not excited to do my tax haha I have a question though, I am a FIFO worker. If I'm travelling to the airport from home, I believe that's not deductible? But your last video segment made me wonder if I can claim the food I eat at airport, while in transit to work. As I technically away for work, but I'm not sure if FIFO is exempt given it isn't travel for work, it is the work. Any thoughts on this?

@EthanRooshock 11 ай бұрын

Glad you've found the channel helpful! There's a range of different rules when it comes to FIFO. ATO website is your friend.

@klarabrandt5893 11 ай бұрын

@@EthanRooshock I'll be sure to research it tonight. Thanks!

@EthanRooshock 11 ай бұрын

@@klarabrandt5893 No worries!