Some people look forward to tax time as they receive some money back from the ATO on their tax return. Whilst these deductions can’t be claimed by everyone, we have put together some of the common deductions that you could potentially be claimed by the relevant tax payer:
– The cost of your tax affairs: You can claim a deduction for expenses relating to the lodgement of your tax return and/or activity statements. You can also claim the travel to your accountant.
– Gifts & Donations: The ATO allows people to claim a tax deduction for any donations given to a deductible gift recipient (DGR).
– Clothing, laundry and dry-cleaning expenses: You can claim a deduction for the purchase and cleaning of eligible work clothing.
– Mobile Phone: If you use your mobile phone for work purposes, you can claim a tax deduction for that relevant portion of work related use.
– Home office expenses: If you complete some work from home, you can claim a portion of your home office expenses such as stationery, computer expenses, internet & electricity.
– Laptop/Tablet/Computer: You are able to claim the depreciation on these assets at the business use percentage.
– Self-education expenses: You are able to claim some self-education expenses if they meet certain criteria, please refer to our help section for more information on these.
– Interest & Dividend deductions: If you earn interest or dividends and you incur some costs to manage/research your investments, you are able to claim the relevant portion of these expenses.
– Tools & Equipment: If you pay for your own tools & equipment, you will be able to claim the depreciation on these.
– Overtime allowance: If you are paid an overtime meal allowance that does not meet the reasonable allowance expense, you may be able to claim the difference between your allowance and the reasonable allowance amount. Please contact us for more information on this.
– Travel: You can claim work related travel and vehicle expenses providing they meet the eligibility criteria. Please refer to our help section for more information on this.
These are just some of the deductions that you may be eligible to claim. For more information on these please refer to our help centre and also the ATO website.
These deductions can’t be claimed by everyone and must meet the eligibility criteria as defined by the ATO.