• Amanda Amey

Common Tax Deductions made by Individuals

Updated: Sep 8

1. Depreciation on Assets, costing $300 or less


Salary and wage earners and rental property owners will generally be entitled to an immediate deduction for


certain income-producing assets costing $300. Provided they are purchased before 1 July 2020.


Some purchases you may consider include:

- books and trade journals;

- briefcases/luggage or suitcases;

- calculators or electronic organisers;

- electronic tablets;

- software;

- stationery; and

- tools of trade


2. Clothing expenses

Individuals can purchase or pay for work-related clothing expenses prior to the end of the income year such as:


- compulsory (or non-compulsory and registered) uniforms

Uniforms generally must have a Logo, and normal suits and ties do not constitute a uniform

- occupation specific clothing ie: a Lab coat

- protective clothing; and

- other associated expenses such as dry-cleaning, laundry and repair expenses


3. Self Education expenses

Individuals could consider prepaying self education items before the end of the income year:


- course fees (but not HELP or Hecs repayments), student union fees, and tutorial fees; and

- interest on borrowings used to pay for any deductible self education expenses.

- They could bring forward purchases of stationary and text books (i.e., those which are not required to be depreciated).

4. Other work-related expenses

Employees can also prepay any of the following expenses prior to 1 July 2020:

- union fees;

- subscriptions to trade, professional or business associations;

- magazine and professional journal subscriptions;

- seminars and conferences; and

- income protection insurance (excluding death and total/permanent disability).

Note: When prepaying any of the expenses above before 1 July 2020, ensure that any services being paid for are to be provided within a 12 month period that ends before 1 July 2021. Otherwise, the deductions must generally be claimed proportionately over the period of the prepayment.


 

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