Think you know everything you can claim on your tax return? We uncover some potential tax deductions that you might not have realised you could even claim!
11 tax deductions you may not know you can claim
Do you work outdoors? You can claim a tax deduction for being sun-smart – by claiming a deduction on sunscreen. This can also include make-up with an SPF.
If you can demonstrate your handbag is being used for work purposes, it’s likely you have a legitimate claim. That means using your handbag or briefcase to carry iPads, phones, calculators, stationery and other work-related items.
If you’re studying subjects related to your current paid employment, it’s tax-deductible after the first $250. You also can claim travel expenses for the cost of getting to and from your place of education.
We’re not just talking about work boots here. Flight attendants for example are allowed to claim for a second pair of shoes that are the same as their uniform but more comfortable.
Do you subscribe to work-related magazines and journals? You can claim them. Some occupations — such as media — can claim pay-TV subscriptions that help them keep up with events.
The most lucrative potential tax deduction for property investors is not the carpets and curtains, but writing down the bricks and mortar. For most people it’s a 2.5 per cent annual tax deduction on the cost of the building — but not the land, which does not depreciate.
For an investment property costing $300,000 to build, that’s a welcome $7500 tax deduction every year.
Can only be claimed if legitimately used for business, but what if you travel a lot for work and decide you don’t want to pay for hotel rooms all the time? A travelling hotel room could be the answer! You would need to ensure you accurately apportion the business and personal use when claiming this deduction.
8. Your Income
If you pay income protection insurance premiums, make sure to claim them. It’s the only form of personal insurance that is tax-deductible. Other types of insurance — such as car, and home insurance — can only be claimed when the insured asset is used for income-producing purposes, such as a work vehicle or rental property.
9. Car Maintenance
If you use your car for work, make a note of it and you can claim either 66c per kilometre (up to 5000km in one financial year), or the more detailed logbook method where every expense is recorded and apportioned. The Robertson Scannell App can help you track your work use via GPS.
10. Mobile Phones
You are able to claim the costs of your phone and internet expenses that are work-related. Make sure you work out your percentage use for work and for personal use to stay within the guidelines of claiming.
You’re allowed to claim the cost of keeping your work uniform clean. You can claim $1 per load for washing, drying and ironing, or dry cleaning costs if you have the receipts. You need written evidence if your total claim for work-related expenses is more than $300.
Need somewhere to store your receipts that isn’t a messy box or folder at home?
Do you find some of your receipts fade over time?
We have the solution. Download the Robertson Scannell App, and you can store all your receipts as you go through the year, simply by photographing them on your phone! Never lose another receipt again. And when tax time rolls around, you can simply download and email your receipts directly to us.