Top 5 tax deductions people forget to claim

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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.

Tax Deductions2. Rental Property Expenses: If you have property that you rent out, the following deductions are often forgotten and can be claimed under rental property expenses;

  • 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
  • Textbooks
  • 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
  • Photocopies
  • Stationery
  • 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.

2018-01-22T08:14:36+00:00 May 16th, 2014|