Here are the top five deductions most people forget to claim on their tax return:
1. Medical Expenses: What you claim in 2014 will depend on what you do in the 2013 financial year.
- Gardening and lawn
- Bank fees
- Pest Control
- Security Patrol fees
- Bookkeeping/Secretary Fees
- Travel & Car expenses for Rent collection
- Inspections of Property
- Maintenance of Property
3. Self-Education Expenses: You may be entitled to claim self-education expenses if there is a connection between your current employment and courses you have taken. Consider the following;
- Student service fees, amenity fees
- Computer expenses
- Professional and trade journals
- Certain travel expenses
- If your course requires you to be away from home for one or more nights, meals and accommodation are tax deductible
- Student Union Fees
- Self-Education room running expenses (heat, air, lighting for studying)
4. Home Office Expenses: If you use a section of your home for only work reasons, deductions include heating, cooling, lighting costs as well as telephone.
5. Income Protection Insurance: Tax deductions can be made for insurance premiums paid for policies taken out for the sole purpose of insuring against loss of income.
For a complete set of deductions you are entitled to claim visit the ATO website.