Individual Tax Deductions

Potential Tax Deductions

 

Individuals

  • Broker’s Commission on Borrowed Moneys
  • Buildings and Structural Improvements
  • Baggage or Luggage used for work
  • Clothing – corporate wardrobes and uniforms, occupation-specific clothing,
  • Computer Expenses
  • Convention Expenses
  • Corporate Wardrobes and Uniforms
  • Credit Card Expenses used for Work-Related Purposes
  • Depreciation of Work Related Assets
  • Donations – to Charities
  • Dues: Union, Professional or Business Associations
  • Education Expenses
  • Equipment (Work-Related)
  • Exchange Losses
  • Financial Planning Advice apart from Initial fee
  • First Aid Expenses
  • Flowers for Office
  • Furniture for Home Office
  • Gifts: Advertising or Public Relations
  • Gifts of $2 or more to Prescribed Donees
  • Higher Qualification Expenses
  • Home office Expenses where home is used as Business Premises
  • Interest on Late Payments of Tax
  • Interest on Late Lodgements
  • Interest on Borrowings to Pay Income Tax
  • Internet Fees
  • Investment losses
  • Magazines, Professional, Business, Investment related or used in waiting room
  • Motor Vehicle Travel for work
  • Newspapers and Magazines
  • Overtime Meal Allowance Expenses
  • Parking Fees & Tolls
  • Photography, where Photos are used to Promote the Business
  • Professional Development Courses
  • Professional Journals/Subscriptions
  • Professional Qualifications
  • Protective Clothing
  • Self – Education Expenses
  • Sickness / Accident Premiums
  • Software Expenses
  • Tax Advice Costs
  • Tax Agents Travel (interstate or general)
  • Tax Return Lodgement Costs
  • Technical Qualifications
  • Technical & Trade Journals
  • Trade Union Dues
  • Travel Expenses Related to Business (generally excluding to and from work)
  • Uniforms, Special Clothing for Employees

 

GENERAL RULES TO BEAR IN MIND

To help me get you the best possible result with your tax deductions we need to:

  • Keep receipts for a minimum of 5 years
  • Keep diary entries of meetings and decisions reached. This justifies your claim in some cases
  • Keep a travel diary when you travel on business purposes. This should include an agenda for your trip, names and places of people met, and a report of conclusions reached.

Disclaimer : Information contained in this article represent general comments only and this is not advice. Tax is only one of the factors that should be taken into account when making a financial decision. You should discuss your tax affairs with a tax professional before entering into any financial transaction with tax implications.