Have you forgotten about this tax-deductible expenditure?

July 11, 2022

 

Have You Forgotten About This Tax-Deductible Expenditure?

 

𝐇𝐚𝐯𝐞 𝐲𝐨𝐮 𝐟𝐨𝐫𝐠𝐨𝐭𝐭𝐞𝐧 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐢𝐬 𝐭𝐚𝐱-𝐝𝐞𝐝𝐮𝐜𝐭𝐢𝐛𝐥𝐞 𝐞𝐱𝐩𝐞𝐧𝐝𝐢𝐭𝐮𝐫𝐞?


𝐓𝐚𝐱 𝐚𝐠𝐞𝐧𝐭 - The cost of engaging a tax agent to complete your tax return is tax-deductible, this includes travelling to see your tax agent (probably not this year though).  Your tax agent fee to complete the 2022 tax return (now) will be deductible when you complete your 2023 tax return (next year).


𝐏𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥 𝐌𝐞𝐦𝐛𝐞𝐫𝐬𝐡𝐢𝐩𝐬 - Being part of a professional body can be a requirement for you to complete your job.  As it’s essential to earning your income, it is tax-deductible for you.  For myself, I’m a member of CPA Australia.  For a builder, it could be the Master Builders Association, Australian Institute of Building, etc.


𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧𝐬 - These could be books, newsletters, email newsletters, magazines, webinars, etc.  As long as they are directly related to your occupation which provides you income these can be tax-deductible.  For example, if you work in TV production, claiming a portion of your Foxtel subscription may be deductible.  A person who works in IT and subscribes to a computer magazine, this may be deductible.


𝐒𝐮𝐧 𝐏𝐫𝐨𝐭𝐞𝐜𝐭𝐢𝐨𝐧 - If your job requires you to work outside, you can claim expenses incurred in protecting yourself from the sun.  This can be the costs of hats, sunglasses, sunscreen etc...

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