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FYI: Tax Deductions

The Australian Taxation Office (ATO) have handy information on their website on what deductions you can claim on your tax return.

Their website states that most deductions in tax returns are directly related to earning income and that to claim a work-related deduction you must have spent the money yourself and not received reimbursement, it must be related to your job and you must have a record to prove it.

Their website provides links to specific work-related deductions that you can claim, which are:

  • Vehicle and travel expenses
  • Clothing, laundry and dry-cleaning expenses
  • Gifts and donations
  • Home office expenses
  • Interest, dividend and other investment income deductions
  • Self-education expenses
  • Tools, equipment and other equipment
  • Other deductions

The vehicle and travel expenses information focuses on what kind of travel between home and work can be claimed. The clothing, laundry and dry-cleaning expenses information focuses specifically on what can be claimed in regards to uniforms, protective clothing and cleaning of work clothes.

The gift and donations information focuses on the conditions that a gift and/or a donation can be claimed. The home office expenses information focuses on what home office running costs can be claimed and what kind of records to keep to be able to claim these expenses.

The interest, dividend and other investment income deductions information focuses on what deductions can be claimed for expenses incurred in earning interest, dividend or other investment income. The self-education expenses information focuses on eligible courses, what can and can’t be claimed and the $250 reduction.

The tools, equipment and other equipment information focuses on how the cost of tools and equipment can affect claims, as well as examples of tools and equipment that can be claimed. The other deductions information focuses on what makes a legitimate expense claim.

The ATO’s information on tax deductions can be read in full here.

 

 
 
 

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