6 Tax Deductions You May Be Eligible For

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With the end of the financial year approaching, you might be wondering what you can claim on your tax this year. In this blog, we’re going to explore the main categories that you can look into to claim your tax.

HOME OFFICE EXPENSES

Given that we started working from home more often, there’re few home office expenses you might be able to claim in your tax deduction this year. 

  • Phone and internet expenses 
  • Computer consumables like printer paper, ink and stationery.
  • Working from home expenses like t electricity, phone and internet costs - if you worked from home from 1 July 2020 to 30 June 2021, you can claim 80 cents for each hour you worked from home.
  • Hope office equipment like computers, laptops, phones, printers, office furniture and furnishings:
    • You may be able to claim either the full cost of the items if it's less than $300 or depreciation if it’s over $300. 

 

TRANSPORT EXPENSES 

As a general rule, you can’t claim expense for your regular work commute, there are however some work-related travel expenses you may be eligible for like: 

  • Your work required you to attend multiple workplaces or locations 
  • Expenses on your car that’s used to perform work duties 
  • Accommodation expenses when you’re required to travel for work

 

WORK WARDROBE

If you have to use certain protective clothing or work uniforms related to your job, you might be eligible to claim these expenses including cleaning costs. This doesn’t include regular workwear and non-compulsory work uniforms. You will need written evidence of these costs and receipts.

 

EDUCATION

If you decided to upskill and your studies were work-related, you may be eligible to claim tax on it. For more information about the course expenses, please follow this link.

 

INVESTMENTS

Are you investing? You may be able to claim investment income tax deductions if you’ve received:

  • Interest payments on your savings 
  • Dividends from your investments 
  • Rental payments from an investment property

 

INDUSTRY-RELATED DEDUCTIONS

For more information about industry-specific deductions, please visit this link.

Please note that this blog is a guide only. For any questions about your tax return, please visit www.ato.gov.au.

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