Five overlooked Tax deductions

The following costs are often overlooked as Tax Deductions.  So take note, just in case it effects you.

Professional memberships and subscriptions

Union memberships and trade associations that are connected with your job are tax deductible expenses.  Consider also magazines that reflect your occupation and provide professional development or insights into the way you work or insights into your industry.  A relevant article covering a couple of pages in say, "Dog Monthly" wouldn't qualify. 

Tax agents fees

Yep the absolute very important cost that you pay us to assist with your taxation is tax deductible.  And as an added bonus, that would include any travel costs to visit us and undertake your tax appointment.  And any advise on tax related matters would also qualify as tax deductions.  

Income protection 

Any premiums paid to protect your income would be tax deducible.  Don't get trapped into thinking that it also applies to life insurance, critical care , or trauma insurance; those premiums would not qualify as a tax deduction.

Superannuation

Additional contributions up to the cap of $27,500 can also provide a tax bonus for you.  Not only are you getting a tax deduction but also any income earned in the super fund is only taxed at 15%.  The Cap of $27500 is inclusive of any salary sacrifice contributions and employer contributions as well.  For instance your employer contributes $10,000, you salary sacrifice $5000, you can now top that up by $12,500 to maximise your $27,500 limit.

Rental property tax deductions

If you own a rental property then be thorough in managing your expenses.  It's not hard to forget what you have spent, so maintaining good records will see you pick up a few extra deductions here. 

And to track all that and never loose a tax deduction again, don't forget to scan the QR code to get your free GoTax Deduction Grabber App.

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