Max your tax return with these often forgotten deductions.
Is it just me, or does your brain go completely blank when it comes to remembering what tax deductions you can claim every single year? You’ve probably re-remembered the basics like home office expenses and work trips… but then there are the other things you may have purchased.. But didn’t know you can claim.
Lo and behold… here is the list:
Yep, you can claim the cost of income protection insurance. Technically, you can claim for the cost of ‘premiums you pay against the loss of your employment income’ (thanks, ATO).
There is a caveat though: it doesn’t count if you take out the insurance via your super fund. Other things that don’t count: life insurance, critical care insurance etc.
Do you work outside? Find yourself constantly stocking up on sunscreen? You can claim that! It’s not just sunscreen either. If your job leaves you exposed to UV rays, you can claim for hats, sunglasses or even certain makeup with a high SPF rating.
Are you a union member? If your industry has a union and you’re paying to be a member, not only will you get some sweet representation, you can also claim the fees as a tax deduction. Just make sure you have receipts.
Does your job put you face-to-face with the masses? If yes, then you can likely claim a tax deduction for the likes of masks, sanitiser and other personal protective equipment. Reminder: if your workplace reimbursed you, it’s not a deduction.
As working from home becomes a long-term feature of our working lives, it’s becoming more common to invest in tools to help you look more professional on Zoom. So, if you bought a ring light, extra mic or fancy new headphones for work use, claim away baby!
All information contained in the Flux app is for education and entertainment purposes only. It is not intended as a substitute for professional financial, legal or tax advice. While we do our best to provide accurate information on the podcast, we accept no responsibility for any inaccuracies that may be communicated.
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