What can you claim? We find that a lot of clients are not aware of what they can claim. Depending on each individual’s situation will depend on what they can and cannot claim. When it comes to Tax Time we want you to be aware of everything you can claim, we aim to get the best result!
Vehicle and Travel Expenses
Claiming vehicle and any other travel expenses which are directly connected with your work. (This does not include trips between home and work) Any other travel from work to another place in respect of work related activities eg: Training Seminars, Managing Staff in other locations can be claimed. Travel between one work place to another work place eg: Where you have two places of employment can be claimed.
Clothing, Laundry and Dry Cleaning Expenses
You are able to claim a deduction for the cost of buying and cleaning compulsory uniform required for your work. This can include Protective Clothing, Specific Uniform and Unique distinctive uniforms.
Dividend, Interest and Other Investment Income Deductions
To be able to claim a deduction you must be able to show that you have incurred expenses associated with interest, dividend or other investment income.
Tools, Equipment and other assets
You may be able to claim a deduction for any self education expenses, this depends if your study is work related or if you received a taxable scholarship. If you have purchased tools or equipment for work related purposes eg: Laptop, Drill, Printers you can claim a deduction up to the immediate deduction allowance or claim depreciation.
Gifts and Donations
Tax-deductible gifts or donations made to approved charities and not for profit organisations, these are listed on the ATO website www.ato.gov.au
Home Office Expenses
You may be entitled to claim deductions for any home office expenses. Running costs may be deductible. Remember to keep records. (Internet, Power and or Telephone)
You may be able to claim other deductions not previously mentioned. As a rule of thumb, if you need to spend money to earn income, you can usually claim it – either as an immediate deduction, or over time.