Deductions & Issues

Following are some possible tax deductions for different types of taxpayers.

• Annuity purchase price
  
• Association fees
  
• Bank fees
  
• Briefcases
  
• Calculators
  
• Capital losses
  
• Car depreciation
  
• Car expenses
  
• Car hire
  
• Clothing – occupational
  
• Clothing – compulsory
  
• Computer Expenses
  
• Computer software
  
• Course fees
  
• Diaries
  
• Donations – charity
  
• Donations – political
  
• Dry Cleaning of uniform
  
• Electricity (% of home)
  
• Financial advice
  
• First Aid
  
• Car – fuel & oil
  
• Hecs debt
  
• Hire purchase interest
  
• Home office
  
• Home office furniture
  
• Insurance(s)
  
• Interest on late paid tax
  
• Internet expenses
  
• Laundry costs of uniform
  
• Licenses (special)
  
• Medical expenses > $1500
  
• Mobile phones
  
• Parking fees
  
• Periodicals
  
• Prior year losses
  
• Professional fees
  
• Professional libraries
  
• Rehydration Expenses
  
• Repairs & Maintenance
  
• Replacement tools
  
• Stationery
  
• School building funds
  
• Self education
  
• Seminars & Conferences
  
• Share brokerage fees
  
• Income protection
  
• Insurance
  
• Superannuation
  
• Tax agent fees
  
• Tax residency
  
• Telephone
  
• Tender costs
  
• Text books
  
• Toll fees
  
• Trade publications
  
• Transport for work
  
• Travel Expenses
  
• Union fees
  

Tax Credits

• PAYG tax installments
  
• Dividend imputation
  
• Withholding tax
  
• Foreign tax credits
  
• Partnership & Trust credits
  

Property Expenses

• Advertising
  
• Agents commission
  
• Bank charges
  
• Borrowing expenses
  
• Building allowance
  
• Depreciation
  
• Insurance
  
• Interest
  
• Land tax
  
• Legal fees
  
• Loss on disposal assets
  
• Management fees
  
• Motor Vehicle expenses
  
• Postage
  
• Rates
  
• Replacements
  
• Repairs & maintenance
  
• Security
  
• Storage
  
• Telephone
  

Business Expenses

• Accounting & audit fees
  
• Advertising
  
• Bad debts
  
• Bank charges
  
• Bookkeeping
  
• Borrowing expenses
  
• Cleaning/Waste Disposal
  
• Computer software
  
• Consumables
  
• Contractors
  
• Copyrights & patents
  
• Couriers & freight
  
• Debt collection
  
• Depreciation
  
• Director loans
  
• Donations
  
• Electricity
  
• Fees & permits
  
• Fringe benefits tax
  
• Hire equipment
  
• Insurance
  
• Interest
  
• Leases
  
• Legal fees
  
• Loss on disposal assets
  
• Materials
  
• Motor Vehicle expenses
  
• Office supplies
  
• Payroll tax
  
• Postage
  
• Rates
  
• Reference material
  
• Registration fees
  
• Rent
  
• Replacements
  
• Repairs & maintenance
  
• Research & development
  
• Royalties & Franchise fees
  
• Salaries & wages
  
• Security
  
• Staff amenities
  
• Staff training
  
• Storage
  
• Subscriptions & periodicals
  
• Superannuation
  
• Telephone
  
• Travel & accommodation
  
• Travel allowances
  
• Uniforms
  
• Work in progress
  
• Workers Compensation

Disclaimer: This is not advice. Items herein are general comments only and do not constitute or convey advice per se. The information contained in this article is for guidance only and should not be relied upon without obtaining professional advice having regard to your specific circumstances.