Following is a list of classic tax deductions available to Individual tax payers. We have also included some other deductions that are available to businesses that may 'flesh out' other possibilities:

• Accident Insurance Premiums
  
• Accountants Tax Fees
  
• Advertising Expenses
  
• Appeal Costs relating to Tax Disputes
  
• Audit Costs, including ATO Audit
  
• Bank Charges for investments
  
• Borrowing Expenses for income producing assets
  
• Books (Work Related)
  
• Briefcases
  
• Broker’s Commission on Borrowed Moneys
  
• Buildings and Structural Improvements
  
• Business Operating Expenses
  
• Business Subscriptions
  
• Car Expenses
  
• Clothing (corporate wardrobes and uniforms, occupation-specific clothing, protective clothing)
  
• Computer Expenses
  
• Convention Expenses
  
• Copyrights, patents and registered designs: registration fees and amortisation of development cost or purchase price - business
  
• Corporate Wardrobes and Uniforms
  
• Credit Card Expenses used for Work-Related Purposes
  
• Depreciation of Business Assets
  
• Donations – to Charities
  
• Dues: Union, Professional or Business Associations
  
• Easter Eggs for Reception area & Employees - business
  
• Education Expenses related to employment
  
• Electricity Connection Costs
  
• Entertainment Expenses Related to Business (limited)
  
• Equipment (Work-Related)
  
• Exchange Losses - investment
  
• FBT Payments - business
  
• Film (Australian) Investment
  
• Financial Planning Advice apart from Initial fee
  
• First Aid Expenses
  
• Flowers for Business premises
  
• Furniture for Office
  
• General Interest Charges
  
• Gifts: Advertising or Public Relations
  
• Gifts of $2 or more to Prescribed Donees
  
• Gift Vouchers - business
  
• Guard Dog Expenses
  
• Higher Qualification Expenses
  
• Home office Expenses where home is used as Business Premises
  
• Insurance Company, unreported claims
  
• Insurance Premiums (Business Related)
  
• Interest on Borrowings for Income producing assets
• Interest on Late Payments of Tax
  
• Interest on Late Lodgements
  
• Interest on Borrowings to Pay Income Tax
  
• Interest on Money used for Assessable Income Production or Purchase of Income – Producing Assets
  
• Interest Referable to Home Office where Home is used as Business Premises
  
• Interest Withholding Tax
  
• Internet Fees
  
• Investment losses - Traders
  
• Investment Portfolio, Expenses of Servicing
  
• Land Tax on Rental and Business Premises
  
• Late Payment Penalty Interest
  
• Lease Incentive Payment
  
• Lease Preparation Expenses
  
• Leave Payments made by Employer to Employees
  
• Legal Expenses relating to tax
  
• Losses (Company) of Current year
  
• Losses (Trust) of Current year
  
• Losses of Previous years
  
• Losses (Trust) of Previous years
  
• Losses through Theft or Misappropriation
  
• Magazines, Professional, Business, Investment related or used in waiting room
  
• Management Expenses, Investor
  
• Marketing - business
  
• Mortgage Discharge Expenses
  
• Motor Vehicle Dealers: Warranty Repair Costs
  
• Movie Tickets - business
  
• Municipal Rates on Investment or Business Premises
  
• Music, used in Office Environment or given as gifts to Employees or Business Associates
  
• Newspapers and Magazines - Reception/Waiting room
  
• Overtime Meal Allowance Expenses - paid to employees
  
• Parking Fees
  
• Partnership, Interest on Loans
  
• Partnership, Share of net Losses
  
• Patent, Design, Copyright Registration Costs - business
  
• Photography, where Photos are used to Promote the Business
  
• Pictures & Prints for Office area
  
• Plant (installed), cost of bringing to Full Operation
  
• Political Parties, Contributions of $2 or more

• Professional Development Courses

• Professional Journals/Subscriptions
  

• Professional Qualifications
  
• Protective Clothing
  
• Relocation Expenses Incurred by Employer
  
• Rent for Business Premises
  
• Rent to Home Office (Business)
  
• Repair Costs
  
• Repairs to Income Producing Property
  
• Research & Development Expenses
  
• Salaries paid in Business
  
• Self – Education Expenses
  
• Sickness / Accident Premiums
  
• Software Expenses
  
• Solicitor Disbursements
  
• Sponsorship Fees
  
• Superannuation Contributions
  
• Superannuation Supervisory Levy
  
• Tax Advice Costs
  
• Tax Agents’ Fees
  
• Tax Return Lodgement Costs
  
• Technical Qualifications
  
• Technical & Trade Journals
  
• Telephone Expenses if Work Related
  
• Tender Costs - business
  
• Tools, Depreciation and Costs of Transporting and Insuring
  
• Toys used in Reception area
  
• Trade Union Dues
  
• Trading Stock
  
• Trading Stock taken to New Premises
  
• Travel (Relocation) costs paid by Employer
  
• Travel Expenses Related to Business (generally excluding to and from work)
  
• Traveller Accommodation Buildings
  
• Uniforms, Special Clothing for Employees
  
• Water Rates on Business Premises
  
• Work in Progress Payment  

To help you get you the best possible result with your tax deductions you 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: 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.
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