Maximise Your Tax Refund: Unique Deductions for Australians in 2024

As Tax Time 2024 unfolds, millions of Australians are busy lodging their tax returns.  It’s essential to ensure you claim all eligible deductions so that you obtain the best result. Professional assistance from the accountants at Roy A McDonald Pty Ltd can help you navigate this process, ensuring you maximise your claims while avoiding any that may not be permissible.

Common and Unusual Deductions

While some deductions are straightforward, others may surprise you. Here’s a closer look at both common and unique deductible expenses you might be eligible for this tax season:

Work-Related Expenses

• Temporary Work Living Costs: If you’re required to work away from home temporarily, you can claim costs associated with renting an apartment instead of staying in hotels.
• Mobile and Internet Costs: You can deduct the portion of your mobile phone and internet expenses that relate to work use. Keeping a usage diary for at least four weeks can help you determine the correct proportion.
• Performance Tools: If you’re a performer, expenses for classes, tools, and unique props may be deductible. For instance, actors can claim costs for acting lessons or props necessary for their profession.

Rental Property Deductions

Many rental property owners are aware of mortgage interest deductions, but several other expenses often go unnoticed, including:

• Gardening and lawn mowing
• Pest control
• Maintenance and repairs
• End-of-lease cleaning costs
• Letting agent fees

Additionally, don’t forget to maximise your capital works deductions by consulting a quantity surveyor.

Charitable Donations

Donations over $2 to a Deductible Gift Recipient (DGR) are tax-deductible, provided you have a receipt. If you made small cash donations to bucket collections for DGRs, you could claim up to $10 without needing receipts.

Memberships and Subscriptions

If you belong to a professional or trade association, you can deduct membership fees. This extends to union fees and subscriptions to professional magazines. In certain cases, gym memberships may also qualify for deductions.

Pets and Animals

While you generally cannot claim personal pet expenses, if you have a guard dog for business purposes, you can deduct costs associated with that animal, as it qualifies as a capital asset.

Unique and Unexpected Deductions

• Handbags: If a handbag is used solely for work purposes (like carrying a laptop), it may be deductible. However, luxury items might be scrutinized.
• Sex Toys: For those in the adult industry, tools of the trade, including sex toys, can be claimed, but only for the portion that is used for business.
• Income Protection Insurance: Premiums for policies that safeguard against loss of income are deductible, but not for life or trauma insurance.

Tax-Related Expenses

Fees paid to tax professionals for preparing your return can be claimed, as well as travel expenses incurred while visiting your tax agent.

Get Expert Help

Maximising your deductions can significantly impact your tax refund. Whether it’s claiming common work-related expenses or unique deductions like performance tools or handbags, understanding your eligible claims is crucial. Our accountants can guide you through the complexities of tax time, ensuring you receive the maximum refund possible, contact us on 0398485933 or via our website.

By leveraging all available deductions, you can make the most of your tax return this season. Don’t hesitate to seek professional assistance to navigate the ins and outs of your claims!