Understanding Your Individual Tax Return

Deductions reduce your taxable income and may increase your refund. You can only claim expenses that are directly related to earning your income. Common and often-missed deductions include:

✔ Work-Related Expenses – uniforms, protective gear, tools, union fees, professional memberships, subscriptions

✔ Vehicle & Travel – work-related car use (logbook or cents per km), parking, tolls, work trips (excluding commuting)

✔ Home Office Costs – internet, phone, electricity, office furniture, equipment depreciation (if working from home)

✔ Self-Education & Training – courses, seminars, textbooks, stationery, student union fees (if linked to your current job)

✔ Charitable Donations – to registered charities (must have receipts)

✔ Tax Agent & Accounting Fees – the cost of preparing and lodging your return

✔ Income Protection Insurance Premiums – (not life, trauma or critical illness insurance)

✔ Superannuation Contributions – personal deductible contributions to boost super and reduce tax

✔ Investment-Related Expenses – margin loan interest, advice fees, management fees, depreciation of assets used to earn income

✔ Rental Property Expenses – mortgage interest, rates, repairs, insurance, depreciation (building & assets)