Top 5 Tips – Tax deductions to remember

Every year many people miss out on tax deductions that they are eligible to claim? Are you one of them?

Here’s a hit list of the most commonly overlooked tax deductions.

1. Last year’s tax fees
If you paid for a tax professional to complete last year’s tax return, or had any tax advice during the year you can claim a deduction in this year’s return.. The fees you pay to a tax agent are always tax deductible, but it’s quite surprising how many of us forget this.

2. Insurance – Income protection
The insurance premiums you pay for loss of income, are tax deductible. Note this doesn’t include life insurance, critical or trauma insurance. It also excludes any policies paid for out of your superannuation contributions.

3. Working from home & mobile expenses
Do you work from home? Then a percentage of your personal computer, home internet and mobile phone expenses can be claimed as a deduction. You can only claim business-related usage, so we recommend you keep a record of all the work related usage so you are able to work out the average percentage.

4. Professional/ Personal Development
Do you attend conferences, seminars or training courses? Are you a member of a union or a professional body?  The expenses related to these fees / courses are usually tax deductible so it’s well worth maintaining or increasing your knowledge in your current field of work with some professional development each year.

5. Uniform Expenses
If you wear a uniform to work, any item of clothing that carries the logo of your employer or company, then you can claim the cost of laundering these items.

Not everyone will be eligible for all the above mentioned tax deductions as these can be governed by certain circumstances and whether or not allowances are paid by employers. Your tax agent will be able to advise which tax deductions are relevant to you.