What Income Tax Deductions can I claim?
In our previous blog, we spoke a little bit about what an income tax deduction is, in this blog, we will run over the common tax deductions people claim.
Common Tax Deductions
Pens, Paper, Post It's you name it… If you have spent money on it and use it for work, keep your receipts to claim it!
Motor Vehicle Expenses
If you need to use your car for work, log your kilometres, and claim the usage or car expenses on your Tax, we will help you work out which is the better tax deduction - find out more here.
If you need to wear a uniform to work and it has the company’s logo permanently attached, you can claim the purchase costs and also the laundry expenses (up to $150).
Australia has proven to be quite a generous country with over 4.5 Million donating in the 2017 financial year at around $770 per person. So yes, you can claim donations! There is a catch though, they need to be a Deductible Gift Recipient (DGR), this is easy to look up via the ABN Look Up website.
Simply type in the charities ABN, scroll down to Deductible Gift Recipient Status, if it says they are a DGR, you can claim the donation as a tax deduction or check your charities invoice, it should tell you whether it's Tax Deductible.
If you need to use your personal phone or internet for work, keep a log of your business and private minutes to work out the business percentage and claim it on your tax return. You can find copies of our logbooks (including the calculations) inside your tax return.
Do your etax return online with GoTax Online to find out the most common tax deductions you can claim for your occupation and never miss a tax deduction again! It's really EASY to do and you can get it done and dusted within minutes.
If you work in retail or you're paying to be a member of a union, you can claim the fees as a tax deduction.
Tax Agent Fees
You can claim the fees charged by your tax agent to prepare your tax return from the year before on this years tax return. How good is that?
And don't forget to record all that using the GoTax Deduction Grabber App
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Note that the information provided is general in nature and subject to change, please contact one of our professionals who can evaluate your circumstances and provide more accurate advice to your current situation.