Ultimate Checklist of Individual deductions

Tax deductions are the best way to help reduce tax, and possibly increase your tax refund. Everyone’s tax situation is different and I love trying to find a deduction you haven’t claimed.  Here’s my ultimate list of deductions you may be able to claim:

  • Cost of Tax Returns or Managing tax
  • Donations over $2
  • Income Protection Insurance costs
  • Motor Vehicle Expenses
  • Travel Expenses
  • Self education expenses
  • Professional Associations fees
  • Union fees
  • Trade journals or industry subscriptions
  • Telephone costs
  • Internet Costs
  • Home Office expenses
  • Equipment costs
  • Uniform and Laundry Expenses
  • Protective Wear Expenses

Just to name a few! Each year the Australian Taxation Office ‘targets’ certain deductions to ensure people are claiming things correctly. Deductions aimed at this year include Self Education Expenses, Travel, Phone and Internet Expenses. What’s important to remember is that it must be reasonable for you to claim something, and you must have a receipt for it.  As always – if you aren’t sure – consult with your accountant, or get in touch with me.