Looking For Tax Deductions?
The ATO’s Occupational Tax Deduction Guides can help decide what tax claims can be made, how they are calculated and what records are required to keep you legal.
See also an overview of the requirements for tax deductibility of employee expenses set out in TR 2019/D4 Income tax: employees: deductions for work expenses under section 8-1 of the Income Tax Assessment Act 1997
Many tax deductions are common to most occupations. So even if your occupation is not specifically included, the Occupational Guides serve as a useful checklist.
Free Smartphone App – Keep a Record of Deductions
The Tax Office has released a free mobile app called “myDeductions” which is for individuals and sole trader taxpayers and will let you easily record expenses as you go, including car trips and capture images of receipts.
At year’s end the data can be used to pre-fill myTax for your tax return completion or emailed to your tax agent. For more information and how to get the app see here.
- Gifts: A gift made by a business taxpayer to a former or current client can be deductible – see TD 2016/14.
- Airport lounge membership: The annual fee incurred on an airport lounge membership for use by an employee can be deductible – see TD 2016/15
Penalty interest as a tax deduction
A Tax Office ruling explains when ‘penalty interest’ is deductible. See Taxation Ruling TR 2019/2
Occupation-specific deduction guides:
- Browse through the ATO Industries and Occupations Guide pages
- Tax Time Tool Kit 2019 – for various occupations
- ATO Tax Time Tool Kit publications
See more tax deduction checklists and guides
- Remote workers, miners and tradies (Bantacs)
- Rental Property deductions checklist
- Travelling workers (Bantacs)
- Working with children?
- Year end tax planning checklists
This page was last modified 2019-11-07