Missed deductions | 2023 Gotax

Here are the tax deductions that are quite often overlooked

Here are some common overlooked tax deductions.  Have a read and become more aware, awareness creates tax deductions.

Working from home expenses
Before you claim your working from home expenses, you need to make sure you qualify for them. You can’t just claim them if you work from home once in a while or do some simple tasks, like checking your emails or answering some calls. You have to work from home as part of your job and spend more money because of it.
You need to keep a record of your hours worked, such as a timesheet or diary.
You can also claim the work-related portion of other expenses, such as stationery, computer equipment and furniture, if you have receipts.
You can use the fixed rate method (67 cents per hour) or the actual cost method, but you need to have more evidence to support your claims.

Laundry and dry cleaning
If you wear a uniform or protective clothing for work, you can claim the cost of washing, drying and ironing them.
You can claim either a flat rate of $1 per load or the actual amount based on receipts.
You can also claim the cost of dry cleaning if you have receipts.
You can't claim these expenses if your employer provides or pays for them, or if you wear plain or conventional clothing, even if it's a requirement of your job.
You need to wear the clothing at least once a week to be eligible for the deduction.

Car expense
If you use your car for work-related purposes, such as travelling between different workplaces, visiting clients or carrying bulky tools, you can claim a deduction for your car expenses.
You can use either the cents per kilometre method or the logbook method to calculate your deduction.
You need to keep a record of your kilometres travelled or a logbook for 12 weeks to show your work-related percentage.
You can't claim these expenses if you use your car for private or domestic purposes only, such as driving to and from work, unless your home is your base of operations or you have to carry bulky equipment that your employer doesn't provide or store.

Donations
If you made donations of $2 or more to a registered charity, you can claim a deduction for the amount you donated.
You need to have a receipt from the charity that shows their name, ABN, date and amount of donation.
You can't claim a deduction for raffle tickets, membership fees, gifts or donations to crowdfunding platforms or political parties.
You can only claim donations that you made voluntarily and without expecting anything in return.

Income protection insurance
If you pay for income protection insurance that covers you in case you can't work due to illness or injury, you can claim a deduction for the premiums you paid.
You need to have a policy that is separate from your superannuation fund and covers only your income loss.
You can't claim a deduction for life insurance, trauma insurance or critical care insurance, as they are not related to earning your income.
You need to include any benefits you receive from your income protection policy as income in your tax return.

When using gotax.com.au, we guide you through the whole process so you know what you are eligible to claim and you won't miss another tax deduction again.

And track all those costs with the Gotax Deduction Grabber App... just scan the QR code...