Tax time brings a bit of stress and angst for most Australians. So much work to prepare and then… oh the mystery of how much you’ll even get back.

No wonder the advertising you see around tax time is all about speed – “next day returns” and “30 minute consultations” – however to get the best out of your tax return experience, preparation is key.

Here’s our top 5 list for spending that most people miss as possible deductions. But as always, do check with your tax agent before you submitting your return:

1. Motor vehicle deductions

If you use your car for work, then its the easiest expense to claim. Beside petrol and insurance, don’t forget spark plugs, a battery and a cleaning service. While maintaining a logbook throughout the year is highly advised, its not essential. Things get more exciting when you study for work purposes to – as your trip from work to class is also deductible, as is your trips to and from the tax agent!

2. Property investment spend

If you have investments, then remembering the rates and mortgage repayments are super easy. But beyond that, there’s also opportunity to claim maintenance fees (including your dockets from Bunnings). Your rental investment may also be eligible for depreciation – 2.5% on residential property and 4% on commercial.

3. Professional memberships and subscriptions

If you subscribe to magazines or buy memberships to professional associations, unions and clubs – these could all be eligible for deductions. So keep a record and test it with your accountant.

4. Home office and self-education

Self-education can come in multiple ways. Formal courses are more obvious and often claimed in due course, but what is often missed are related book, podcast and video purchases, which may all be eligible. As is the study or office you keep at home – laptops, furnishings and phone / broadband subscriptions could all be eligible and are often missed.

5. Donations and other gifts

Finally one thing we all seem to miss out on are the charitable giving we do from time to time. If you have a yearly commitment like sponsoring a child or a hospital program, you get a tax invoice at the end of the year to remind you. So track as many of those things down as you can.

How Pocketbook can help

With tax season 2013, we are creating a tool to automatically organise your tax important information – including your incomes, deductions and other things like health insurance. You can try our beta version out here.

Happy returns!

Bosco