As the October 31st tax deadline is approaching, now is the time for teachers and those working in education who haven’t yet lodged to get their taxes up to date.
Mark Chapman, Tax Communications Director, H&R Block, says the key tip to staying on top of your taxes is to get into the habit of recording all work-related expenses and keeping copies of all the documentation that will be needed come next tax time (like invoices, receipts, bank and credit card statements).
Not all teachers can claim the same deductions – supply teachers might have access to additional deductions for travel claims between schools, for instance – so it’s worth getting tailored advice specific to your situation.
Some of the smart deductions teachers can claim include:
The deadline for self-lodged returns is 31 October, but extended deadlines are available for teachers using a tax agent, potentially giving teachers until May next year to lodge.
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