EMPLOYEES: TAX DEDUCTIONS

EMPLOYEES: TAX DEDUCTIONS

You’re entitled to claim tax deductions for some expenses that are directly related to earning your income. The expenses must not be private, domestic or capital in nature. If the expense was both work-related and private, you can only claim a deduction for the work-related portion.

You must have made the purchase in the course of earning your assessable income.  If you need to spend money to earn income, AND you have a receipt, you can usually claim it-either as an immediate deduction or over time (excluding to and from work travel, ordinary clothing, etc. – unless specific circumstances apply).

Items you may be able to claim include sunscreen, self-education, electricity, printer ink, protective footwear, subscriptions, accountants fee, political and charity donations, seminars, phone calls, laundry costs.

 

Make sure you can substantiate ALL of your tax deduction claims.

Please contact me if you need assistance.