List Of Tax Deductions You Can Claim This Year

The tax year is almost knocking at the door. So, what is your sole duty during this time? Yes you are right, to evaluate all your paid work and income-oriented costs concerning the whole financial year. Hire a Tax Advisor Perth and he/she will assist you in this regard. Today’s write-up will familiarise you with the various tax deductions you can claim this year in Australia.

Factors Affecting Your Tax Deductions

Not all your expenses are considered tax-deductible concerning your Individual Tax Return in Australia. If you consider the following crucial factors, you can perform the same task faultlessly. Each of these factors has been outlined below.

• Make sure you have an official record of the expense, say for instance your bank statement or receipt etc.

• If your employer didn’t reimburse the money which you had spent.

• Evaluate that whether the expense was directly connected to your income-generating activity or work.

To complete this task impeccably, seek the professional assistance of an accomplished tax accountant in Perth.

Notable Tax Deductions You Can Claim

So, what are all those tax deductions which you can claim? A quick look at each of these tax deductions can be considered below.

1. Investment Income

You can claim investment income tax deductions on any of the expenses stated below.

• Any kind of investment income.

• Rental payments which you have earned from an investment property.

• Dividends which you had earned from the investments of your shares and

• The interest payments incurred on your savings.

You can claim the costs pertaining to this income if you have got any of these investment incomes. These include your rental properties or interests incurred on the expenses of your purchased costs.

2. Donations and gifts

You can claim a tax deduction if you have given a donation or gift to any organization. This can be in the form of your preferred charitable organization as well. Certain rules are applicable via which you can claim your tax deduction. This means you can claim a tax deduction over a sum of $2 or more. More importantly, it has to be a deductible gift receipt. Different rules again apply to gifts according to your gift’s nature.

3. Miscellaneous work-oriented expenses

There are some miscellaneous work-related costs which you can claim. You can claim these costs as tax-deductible expenses. The type of your claim will depend on your relevant circumstances and work performance. Some of these expenses include the following:

• Bargaining agents’ fees, subscriptions to the associations and the union fees.

• The expenses of the overtime meals.

• Costs of the protective sunglasses and safety goggles.

• Digital information subscriptions, books and periodicals etc.

To get more information related to this tax deduction contact a Tax Agent in Perth as soon as possible.

4. Educational Tax Deduction

Did you get enrolled for a work-related course which is eligible according to Australia’s academic protocol? If yes, then you can claim a tax deduction on it. To get more information about this, please visit the official site of the ATO.

5. Dry cleaning, laundry and clothing expenses

You can claim tax deductions on certain apparel expenses. These include the money you have spent to buy a work uniform, protective or professional-related outfit. You can claim the associated cleaning expenses as well. You can claim these costs as your work-related costs. In contrast, you cannot claim tax deductions on certain clothing expenses. These include unnecessary clothing or a usual clothing option. You must show written evidence of these costs to the pertinent tax deductions. These include receipts and diary entries etc.

6. Travel and vehicular expenses

It’s a fact that you cannot claim the expenses of the regular conveyance charges from your home to office. Conversely, there are certain travel and vehicular expenses which you are entitled to claim. These include the following expenses.

• The various accommodation expenses when you are travelling for work.

• If you require your car to commute to your office then the expenses related to that.

• If you have to travel to multiple places concerning your work then the expenses related to that.

Additional information is available on the official site of the Australian Taxation Office.

7. Industry-oriented deductions

You can also claim certain tax deductions related to your sector and work if you are eligible. Visit the official site of the ATO to check out the list of these occupations.

8. Office and home expenses

Due to Covid-19, many people are compelled to work from home. This gets you the opportunity to claim tax deductions on certain work-home expenses. These include:

• Expenses of your computer consumables including stationary, ink and printer paper etc.

• Internet and phone related expenses.

• Home-office components including your phones, furniture pieces, computers and printers etc.

Before you lodge your Tax Return in Perth you must become aware of the tax deductions you are entitled to. To do that, hire a professional Tax Advisor Perth. Your tax advisor will specify you all those tax deductions which you can particularly claim.