Individual Tax Deductions Checklist

Following is a list of classic tax deductions available to Individual tax payers. We have also included some other deductions that are available to businesses that may 'flesh out' other possibilities.

• Accident Insurance Premiums
• Accountants Tax Fees
• Advertising Expenses
• Appeal Costs relating to Tax Disputes
• Audit Costs, including ATO Audit
• Bank Charges for investments
• Borrowing Expenses for income producing assets
• Books (Work Related)
• Briefcases
• Broker’s Commission on Borrowed Moneys
• Buildings and Structural Improvements
• Business Operating Expenses
• Business Subscriptions
• Car Expenses
• Clothing (corporate wardrobes and uniforms, occupation-specific clothing, protective clothing)
• Computer Expenses
• Convention Expenses
• Copyrights, patents and registered designs: registration fees and amortisation of development cost or purchase price - business
• Corporate Wardrobes and Uniforms
• Credit Card Expenses used for Work-Related Purposes
• Depreciation of Business Assets
• Donations – to Charities
• Dues: Union, Professional or Business Associations
• Easter Eggs for Reception area & Employees - business
• Education Expenses related to employment
• Electricity Connection Costs
• Entertainment Expenses Related to Business (limited)
• Equipment (Work-Related)
• Exchange Losses - investment
• FBT Payments - business
• Film (Australian) Investment
• Financial Planning Advice apart from Initial fee
• First Aid Expenses
• Flowers for Business premises
• Furniture for Office
• General Interest Charges
• Gifts: Advertising or Public Relations
• Gifts of $2 or more to Prescribed Donees
• Gift Vouchers - business
• Guard Dog Expenses
• Higher Qualification Expenses
• Home office Expenses where home is used as Business Premises
• Insurance Company, unreported claims
• Insurance Premiums (Business Related)
• Interest on Borrowings for Income producing assets
• Interest on Late Payments of Tax
• Interest on Late Lodgements
• Interest on Borrowings to Pay Income Tax
• Interest on Money used for Assessable Income Production or Purchase of Income – Producing Assets
• Interest Referable to Home Office where Home is used as Business Premises
• Interest Withholding Tax
• Internet Fees
• Investment losses - Traders
• Investment Portfolio, Expenses of Servicing
• Land Tax on Rental and Business Premises
• Late Payment Penalty Interest
• Lease Incentive Payment
• Lease Preparation Expenses
• Leave Payments made by Employer to Employees
• Legal Expenses relating to tax
• Losses (Company) of Current year
• Losses (Trust) of Current year
• Losses of Previous years
• Losses (Trust) of Previous years
• Losses through Theft or Misappropriation
• Magazines, Professional, Business, Investment related or used in waiting room
• Management Expenses, Investor
• Marketing - business
• Mortgage Discharge Expenses
• Motor Vehicle Dealers: Warranty Repair Costs
• Movie Tickets - business
• Municipal Rates on Investment or Business Premises
• Music, used in Office Environment or given as gifts to Employees or Business Associates
• Newspapers and Magazines - Reception/Waiting room
• Overtime Meal Allowance Expenses - paid to employees
• Parking Fees
• Partnership, Interest on Loans
• Partnership, Share of net Losses
• Patent, Design, Copyright Registration Costs - business
• Photography, where Photos are used to Promote the Business
• Pictures & Prints for Office area
• Plant (installed), cost of bringing to Full Operation
• Political Parties, Contributions of $2 or more
• Professional Development Courses
• Professional Journals/Subscriptions
• Professional Qualifications
• Protective Clothing
• Relocation Expenses Incurred by Employer
• Rent for Business Premises
• Rent to Home Office (Business)
• Repair Costs
• Repairs to Income Producing Property
• Research & Development Expenses
• Salaries paid in Business
• Self – Education Expenses
• Sickness / Accident Premiums
• Software Expenses
• Solicitor Disbursements
• Sponsorship Fees
• Superannuation Contributions
• Superannuation Supervisory Levy
• Tax Advice Costs
• Tax Agents’ Fees
• Tax Return Lodgement Costs
• Technical Qualifications
• Technical & Trade Journals
• Telephone Expenses if Work Related
• Tender Costs - business
• Tools, Depreciation and Costs of Transporting and Insuring
• Toys used in Reception area
• Trade Union Dues
• Trading Stock
• Trading Stock taken to New Premises
• Travel (Relocation) costs paid by Employer
• Travel Expenses Related to Business (generally excluding to and from work)
• Traveller Accommodation Buildings
• Uniforms, Special Clothing for Employees
• Water Rates on Business Premises
• Work in Progress Payment

GENERAL RULES TO BEAR IN MIND

To help you get you the best possible result with your tax deductions you need to:

• Keep receipts for a minimum of 5 years
• Keep diary entries of meetings and decisions reached. This justifies your claim in some cases
• Keep a travel diary when you travel on business purposes. This should include an agenda for your trip, names and places of people met, and a report of conclusions reached.