Saturday, 13 July 2013

Tax tips, part 2: deductions overview

As the MoH is predominantly a PAYG employee, claiming my legitimate deductions is the best thing for me about tax time.

Today, I’ll provide an overview of:
  • The types of deductions you can claim as an individual in Australia
  • The basic rules about claiming deductions
Then, over the following days, I’ll discuss each category of deductions in more detail and provide some ideas on how you might be able to maximise your own deductions.

I’ll discuss small business deductions a bit later on.

Other good sources of information include the Australian Tax Office (ATO) at http://www.ato.gov.au and your accountant or tax advisor.

Types of deductions you can claim

You may be able to claim deductions for work-related expenses, investment-related expenses, and a raft of other expenditure you may have incurred.