CPA Australia is encouraging individuals and businesses to be vigilant in identifying what they are able to claim so as to avoid missing out on the cash they are entitled to receive for the current financial year.

“Individuals, investors and businesses should be meticulous in knowing the entitlements for which they are eligible and equally, those for which they’re not eligible, so as not to be lumped with a potentially sizeable tax bill,” said CPA Australia Head of Business and Investment Policy Paul Drum.

“A knowledge of the relevant tax rules applies equally to any taxpayer – whether they’re a pay-as-you-go salary or wage worker, an investor or a business.”

“The looming end of financial year offers more than an opportunity to review the year just gone. It also provides the chance to align your affairs to achieve the most effective tax approach in the coming year – this applies equally to businesses and individuals.”

Among the issues individual taxpayers and investors should consider include: Claiming all work-related deductions (e.g. uniform, telephone costs, subscriptions, home office expenses etc); Claiming all rental property deductions (e.g. advertising, body corporate fees, repairs, loan interest etc); and Maximizing motor vehicle deductions.

The proportion of work-related travel for which a vehicle is used will determine the level of vehicle running expenses that can be claimed.

An education tax offset is available for eligible families (those who have claimed Family Tax Benefit A) for 50 per cent of the cost of items such as educational software, home computers and associated costs, home internet connections, laptop computers, printers, school texts, stationary and trade tools used in school.

CPA says individuals and businesses should speak to their accountant or consult the Australian Taxation Office (ATO) website at www.ato.gov.au to learn about their eligibility.