Save yourself from the Tax Man!  Don’t overlook these deductions!

  1. Work related expenses.  These vary according to your job, and can be as diverse as sunscreen and sunglasses, tools and union fees; even magazines.  What you claim must be directly relevant to your job.  That means no social club fees, sorry!
  2. Donations to Australian charities. Any donation of over $2 to an Australian charity is tax deductible, but you must have a deductible gift recipient.
  3. Self education costs.  These would include the costs of completing a course relating to your work, or other educational expenses like textbooks, stationary and travel (car and petrol expenses).  This could apply to professionals, tradespeople or apprentices.
  4. Income protection insurance.  However, not life insurance.
  5. Depreciation of assets you use to work from home.  Your laptop or computer, desk, office chair and other assets all decrease in value.  This depreciation is claimable (so long as they were bought for the purpose of working from home).
  6. The depreciation of your car, if the car was purchased and is used for work.
  7. Work travel costs.  These costs include not only accommodation, but also meals and travel (like cabs).  Of course, receipts are needed.
  8. The costs of working from home.  These costs include your telephone bills, internet, even heating and electricity (but of course you can’t claim all of your home utilities.  Think of what portion of a week you spend working from home and claim that percentage of each bill).
  9. Selling shares or an investment property.  While these sales incur a capital gains tax, if the asset was owned for more than a year this amount is halved.
  10. Cleaning of uniforms and protective clothing.  This includes dry cleaning costs, but only applies is you are required to wear a uniform for your job.