What can I claim on tax?

Today we’re answering an age old question: what can I claim on tax?

As registered tax agents based in Strathalbyn in South Australia, we’re often asked about the deductions you can make when completing your tax return.

When completing your tax return, you're entitled to claim deductions for some expenses, most of which are directly related to earning your income.

To claim a work-related deduction:

•   you must have spent the money yourself and weren't reimbursed
•   it must be directly related to earning your income
•   you must have a record to prove it.

If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion.

The ATO provides a range of advice for specific deductions you can claim:

•   Vehicle and travel expenses – including travel between work and home
•   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
•     Deductions for specific industries and occupations 

There are also a number of deductions you can make which are often forgotten about. Interested? Contact us to get more information. We’d love to help you with your tax return this year. Get in touch now via [email protected] for a friendly, no obligation chat.