Wouldn’t you like more of this in your pocket? Source: Getty Images

The survey commissioned by Officeworks has found nearly two thirds (59 per cent) of 18- to 24-year-olds are failing to get their fair share back from the tax man by only claiming up to the threshold accepted without a tax invoice.

Forty-five per cent of 25- to 34-year-olds claim up to the threshold, instead of the actual amount incurred for the expense. That could be partly because many Australians are in the dark about what work-related expenses are deductible.

One third (33 per cent) were unaware that petrol can be claimed, 28 per cent didn’t know stationery was deductible, and 34 per cent didn’t realise costs associated with dry cleaning uniforms could be deducted.

“The first piece of advice I give is to hold onto your receipts, scan a copy to ensure they’re comprehendible come June 30 and file them for safekeeping,” said finance expert Justine Davies.

“Being organised and implementing a sound tax plan from the beginning of each financial year is crucial in ensuring you’ll get back what you’re entitled to, particularly when you’re preparing your own tax return and unaware of the additional deductions and rebates available to you.”

The survey of 1000 working Australians found 69 per cent recognised increasing their knowledge could help them maximise their tax return, while 85 per cent felt the lodgement process could be simplified.

Sixty-eight per cent said they thought a tax agent could help them increase their tax return, but the cost was cited as the most common barrier for nearly half (47 per cent) of respondents.