Common Tax Deductions Australians Miss (And How to Claim Them
Every year, Australians leave money on the table simply because they don't claim everything they're entitled to. At My Tax Time, part of our job is making sure you get the maximum refund you're legally owed. Here are some commonly missed deductions worth knowing about.
Work-related expenses
If you spend your own money on something needed for your job, there's often a deduction available. This can include:
- Tools, equipment, and protective clothing
- Self-education and training directly related to your work
- Union or professional membership fees
Working-from-home costs
If you work from home, you may be able to claim a portion of your electricity, internet, and home office expenses. The ATO offers a few methods to calculate this, and choosing the right one can make a real difference.
Car and travel expenses
Using your own car for work (not the regular commute) may be deductible. Keep a logbook or track your work-related kilometres — these records are essential if you want to claim.
Donations
Gifts of $2 or more to registered charities are generally tax-deductible. Hold onto those receipts.
For small businesses
Business owners often miss deductions for things like home office use, depreciation on equipment, professional fees, and certain start-up costs.
The catch
To claim a deduction, you generally need to have spent the money yourself, not been reimbursed, and have a record to prove it. The rules can be nuanced, which is exactly where a good accountant pays for themselves.
Let us find what you're owed
The team at My Tax Time reviews your situation carefully to make sure nothing is overlooked. We stay across the latest ATO rules so you don't have to. Whether you're an individual or a business owner, get in touch and let's maximise your return — properly and within the rules.
