Are expenses related to my work deductible?
Yes, you can claim deductions for certain expenses directly related to earning your income. When you complete your return, subtract these deductions from your total income to arrive at your taxable income. The more deductions you are able to take, the lower your tax burden will be.
According to the ATO, there are a few basic rules you have to file when it comes to deductions.
- Only claim deductions in the same income year that you made the purchase.
- Don’t claim expenses that were reimbursed.
- Only claim expenses incurred in earning your assessable income - not private, domestic, or capital expenses.
- Keep written records of all your deductions.