What are the common deductible expenses?
You might how can I find common deductible expenses.
As long as the expense relates to your employment, you can claim a deduction for the work-related portion of the cost of:
■ seminars and conferences
■ technical or professional publications
■ union and professional association fee
What records do I need to keep?
Record keeping is essential when you’re claiming deductions, and it’s a good idea to create a comfortable and reliable system to help you keep on top of this throughout the year. You don’t need to keep physical receipts, and it’s acceptable to keep a digital copy (such as a photo of a receipt or an email receipt) provided it is possible to read:
- The name of the supplier
- Amount of the expense
- Nature of the goods or services
- Date the expense was paid
- Date of the document
You also don’t need to keep receipts for expenses under $10 (as long as these don’t cumulatively come to more than $200) and for any hard to get receipts, it’s sufficient to make a note of the purchase in your diary of all the above details.
Should I engage a tax agent?
Getting a tax return extension is just one benefit of a tax agent.
Using a tax agent can often lead to more significant tax returns, and it’s a lot less stressful.
By the way, the tax agent’s fee is deductible.
Need more help?
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