Top 5 tax deductions people forget to claim

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.

2. 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.