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Eligible Tax Deductions

When completing your tax return, you are entitled to claim deductions for some expenses that are directly related to earning your income. You may be able to claim deductions for expenses that directly relate to your work as an employee (work-related expenses) or your investment income.



Basic rules and records you need to keep

The most basic rules when you claim a deduction are:

  • Claim the deduction in the same income year that you made the purchase.
  • Don't claim an expense that you have been, or will be, reimbursed for.
  • Claim for expenses in earning your assessable (taxable) income - but not private, domestic or capital expenses.
  • Keep written records.



The 10 most common tax deductions for individuals are:

D1 Work-related car expenses
D2 Work-related travel expenses
D3 Work-related uniform, occupation specific or protective clothing, laundry and dry-cleaning expenses
D4 Work-related self?education expenses
D5 Other work-related expenses
D6 Low-value pool deduction
D7 Interest deductions
D8 Dividend deductions
D9 Gifts or donations
D10 Cost of managing tax affairs

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Record keeping

You must be able to substantiate your claims for deductions with written evidence if the total amount of deductions you are claiming is greater than $300. The records you keep must prove the total amount, not just the amount over $300.

If the total amount you are claiming is $300 or less, you need to be able to show how you worked out your claims, but you do not need written evidence.

ATO legislation requires you to keep receipts, logbooks and records for at least 5 years.


favicon Copyright ONE STOP TAX, Tax Return and Tax Back Specialist, 214/284 Victoria Ave Chatswood NSW 2067

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