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Tax deductions that are often forgotten

Posted on May 24, 2016 by editor

A quick scan of the average taxpayer’s wallet of receipts or documents in the home office can result in quite a few expenses they can claim as tax deductions. However, some of the most obvious get forgotten on a regular basis.

While not all available tax deductions will apply for every individual (since claimable items vary based on the work they do and other personal circumstances), there are some frequently-used items professionals say people often overlook.

iPhones and iPads
Those who use their iPhone or iPad for work and have to pay for it may be able to claim a tax deduction for work-related data usage or calls. If their employer pays for their phone calls but they have purchased a cover for the phone or iPad to protect it, they may be able to claim that.

Electricity, internet and rent
Those who have a small business can claim a portion of their electricity bill, internet bill and even rent. Individuals can also claim depreciation on new computers, phones and printers up to the value of $300.  However, these tax deductions do not apply to people who work from home one day a week.

Driving expenses
Those who drive to see clients as part of their job can save on tax in that area. The two methods used to claim a deduction are cents per kilometre, where individuals can claim 66 cents per kilometre travelled, or through a log book. Individuals must keep receipts for petrol, insurance, registration, servicing and lease costs for the whole year.

Self-education courses
Those who have done a self-education course in the past year to improve their job skills can claim a tax deduction. However, if the reason a person does the course is because they’re sick of their current job and want to get a new one, they cannot claim a deduction.

Charity
Those who keep their receipts from donating to a registered charity can claim it as a tax deduction.

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