Common Tax Deductions | 2023 Gotax

The common tax deductions most of us claim - an Overview.

As a general rule, if you spend money that is neccessited by undertaking your job role then yeas those expenses may be tax deductible.  As long as they are not private in nature.

• Cars, transport and travel: Deductions for car, transport and travel expenses you incur in the course of your work.
• Tools, computers and items you use for work: Deductions for tools, computers, internet, stationery, books and other items you use for work.
• Clothes and items you wear at work: Deductions for clothes, glasses, protective gear and other items you wear at work.
• Working from home expenses: Deductions for expenses you incur to work from home such as stationery, energy and office equipment.
• Education, training and seminars: Deductions for self-education, conferences and training. You can’t claim children’s school fees or care.
• Memberships, accreditations, fees and commissions: Deductions for union fees, professional memberships, working with children check, agency fees and commissions.
• Meals, entertainment and functions: Limited Deductions for meals, snacks, overtime meals, entertainment and functions.
• Personal grooming, health and fitness: Limited deductions for medical assessments, vaccinations, COVID-19 tests, gym fees, cosmetics and personal grooming.
• Gifts and donations: Deductions for gifts or donations you make to deductible gift recipients, and the records you need.
• Investments, insurance and super: Deductions for investment expenses, income protection insurance, personal super contributions and foreign pensions.
• Cost of managing tax affairs: Deduction for expenses to manage your tax affairs, such as lodging with a registered agent.

The ATO has 3 golden rules for what they accept as a valid tax deduction:

1. The expense must have been for your work, available as an allowable deduction and not for private use.
2. If the expense is for a mix of work and private use, you can only claim the portion that is used for your work.
3. You must have records to prove it.

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