Monday, 5 August 2013

Tax tips, part 7: other work-related expenses

Section D5 of the tax return is a businesswoman’s best friend.  Here is where you can claim a number of work-related expenses that can add up to a significant deduction – assuming of course that you actually incurred them and have kept appropriate records.

What you can claim

Other work-related expenses can include:
  • Union fees and subscriptions to trade, business, or professional associations
  • Overtime meal expenses
  • Professional seminars, courses, conferences, and workshops
  • Reference books, technical journals, and trade magazines
  • Tools and equipment and professional libraries (you can claim an immediate deduction for an item that cost $300 or less; otherwise, you can claim a deduction for the decline in value of an item over its effective life)
  • Items that protect you from the risk of injury or illness posed by your work or your work environment – e.g., hard hats, safety glasses, and sunscreens