iscoverResearch conducted by tax accounting network H&R Block shows up to 1 million Australians will miss out on deductions this tax season.
Almost 1 million to miss out on deductions: H&R Block
21 July 2015
•
3 minute read
The finding comes shortly after the federal government canvassed removing taxpayers' ability to claim deductions for work-related expenses in its recently released white paper on tax reform.
Mark Chapman, director of communications at H&R Block, said the current tax system will lead to many Australians missing out on deductions they rightfully deserve.
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
“Some of the major causes for the expected shortfall in deductions are that taxpayers have not kept receipts for expenses, as well as ignorance about the deductibility of expenses like work-related petrol use, the cost of cleaning work clothes and even stationery”.
An H&R Block survey of 5,822 people conducted in June showed that most taxpayers think that the work-related deductions rules are nowhere near generous enough, with 77 per cent of respondents also saying that taxpayers should be able to claim a deduction for expenses related to studying to gain employment in a new field.
The H&R Block survey also showed strong support for making costs associated with doing voluntary work tax deductible (62 per cent) and for making the whole cost of university education tax deductible (69 per cent).
“Australians need to get active now to claim deductions they are entitled to and overcome their fear of risking a query from the tax office,” Mr Chapman said.
You need to be a member to post comments. Become a member for free today!
