When it comes to deductions on a tax return most people want to claim as much as they can in order to save on tax. It is important to be aware of what can and cannot be claimed on a tax return. Here are some items that can and cannot be claimed on a tax return:
These are just a few examples of things you can and cannot deduct from your taxes. It is important to research items that are acceptable to claim on your tax and what items are not acceptable to claim. Being informed is the best way to capitalise on the deductions available. The best places to look for these potential deductions are on the ATO website or with your accountant. Also a small tip that often helps to decipher if you can claim an item on your tax returns is by asking yourself; “is this item used to earn my income?” If the answer is yes, the chances are quite high that you may deduct the item from your tax returns!
When in doubt always get advice from your accountant/tax agent.