Ten Surprising Deductions That Could Be Adding Thousands Of Dollars To Your Tax Return
1. Phone Protection
Smartphones, iPads and other phone equipment that is used for work can be claimed at tax time under the ‘work-related portion’.
These can include phone covers, screen protectors and even handbags that are used to carry work equipment or files.
If apps are being used for PDFs, business cards or to arrange meetings, then these could be tax deductible.
Online storage such as cloud storage for work files are included, along with office subscriptions for phones, tablets, printer ink and home office furniture.
3. Audiobooks and Subscriptions
If people need to listen to audiobooks or read books for work, or if they are related to their job, they could be claimed as a tax deduction.
‘If staying on top of the news cycle is critical to your role, subscribing to various news outlets is another deduction Australians can often claim,’ Ms Russell said.
4. Dog Food
Dog food can be claimed at tax time for working animals, such as farm dogs, service dogs and guard dogs.
Vet bills and other animal expenses are also tax deductible.
5. Dance Lessons
For people that dance for money, dance lessons and keeping fit can be claimed on tax.
You are also able to claim things such as wigs, makeup and costumes if you perform for a living.
6. Cryptocurrency Loans
If you were a part of last year’s Bitcoin frenzy, when it’s possible that you can claim a deduction for interest on the loan.
Tax deductions on interest also include investment loans for shares, property and other assets.
For those that wear a uniform to work, it is possible to claim the laundry fee for washing it.
The ATO has strict rules, but up to $150 per year can be claimed.
8. Sun Protection
For people who work outside regularly, deductions can be made for sunscreen, hats and sunglasses.
9. Pay TV
If you can prove that accessing Pay TV is critical to your work, a portion of the access payments can be claimed at tax time.
10. Toilet Brush Holders
Those that have investments in real estate have the advantage of claiming tax on a wide range of items.
These include toilet brush holders, curtains, cutlery, ironing boards and barbecues.
The ATO has strict, complex rules on this.