With the financial year done and dusted, it’s a good time to start thinking about your tax return. Between skimming bank statements and figuring out what’s actually claimable, this time of year can be... taxing. To make it easier, we’ve put together a list of things you might be able to deduct.
1. Your working from home setup
Are you back in the office a few days a week? Or still working from home? Whatever the situation, you could claim some costs and home office expenses as a tax deduction. While tea and coffee might not make the cut, you could be entitled to claim:
- Phone and internet bills.
- Running expenses like electricity.
- Cleaning costs for your work area.
- Home office equipment (like a printer, desk and chair).
Pro tip: Need a super simple way to calculate your WFH costs? If you’re eligible, the shortcut method lets you claim 80 cents per hour for all your additional running expenses. For other ways to claim, click here.
2. Work-related clothing
If you covered the cost of a compulsory uniform, like protective clothing or work boots, you might be able to claim those too. Bills for dry cleaning to keep them looking tip-top could also be tax deductible. And if you pulled out the needle and thread (or went to a repairer - let’s be real), that's another expense to think about.
If you’re often whizzing around for work, buckle up because here’s some travel expenses you might be able to claim. While the daily commute probably isn’t one, others include:
- If you travel between offices or locations (like construction sites) during work.
- If you need a car to get the job done - calling all delivery drivers!
- If you covered the cost of accommodation and meals on a work trip.
4. Tools, bags and protective gear
Another cost you might be able to deduct is work equipment. It could be anything from calculators to hammers… and even a work bag. Plus, if you’re sliding on sunnies or slapping on sunscreen when working outdoors, you might be able to claim those too.
If you’re the charitable type and donated money in the last financial year, this is another thing you could consider adding to the list. Just double-check you handed over $2 or more and the charity is registered to receive tax deductible gifts.
Have you signed up for a course, or bought study books in the past year? You guessed it - they could be a tax deduction as well. But not just any course is claimable. It will need to be work-related, so that ceramics class is probably off the cards.
7. Extra deductions
There’s a few more expenses you could add to the list, like teaming up with an accountant to lodge a return. But try not to get carried away because you’ll still need to pay for your own lunch, train ride and that new jacket you got for the daily commute.
From travel to tools, there’s a whole bunch of things you can claim on tax. Now that we’ve run you through the seven main types of expenses, doing your return will hopefully be a bit easier.
If a tax refund is looking likely, you could enjoy a higher interest rate when stashing your cash in a USave savings account. Sign up today.
Plus, keep track of your new cash flow with our in-app budgeting tool, Free2Spend*.
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