AUSTRALIAN TAXATION - Generally, you cannot claim a deduction for a gift or

donation if you received something in return

: Other work-related expenses
- Union fees and subscription to trade, business or : Cost of managing tax affairs
professional associations
- Overtime meal expenses SPECIFIC DEDUCTIONS
- Professional seminars, courses, conferences and - Cost of managing tax affairs
workshop - Gifts and donations
- Reference books, technical journals and trade - Interest, Dividends and other investment income
magazines deductions
- Home office Expenses - Personal super contributions
- Internet o Provided their superannuation fund with a
- Tools and equipment and professional libraries, may valid notice of intent to be entitled to a
claim a deduction for an item that cost $300 or less deduction for personal contributions made
- Hard hats, safety glasses and sunscreen but not o The trustees of their fund acknowledged
protective clothing and footwear receipt of their notice.
- Bad Debt expense
: Low value pool deductions - Repairs and maintenance
- Low-cost assets upon purchase:
o A low cost asset is one that has a NOT DEDUCTIBLE
depreciable opening value of less than - Expenses relating to critical illness, trauma or life
$1,000 in the year of acquisition insurance
- Low-value assets after year of purchase: - Entertainment
o A low value asset is one that is depreciable - Fines and Penalties
but has a written down value of less than - Child Care Expense
$1,000. That is, the asset’s worth exceeds - Social Club Fees
$1,000 in the year of acquisition. However,
after depreciation from previous years, the RECEIPT OF AN ALLOWANCE
remaining worth is less than $1,000. - Receiving an allowance from your employer (e.g. for
a car, travel, or clothing for work) does not in itself
: Interest deductions entitle you to a deduction; you must still meet the
basic conditions outlined above in order to file a
: Dividend deductions claim.
- Expenses incurred while earning dividends
- Management Fees COMMONLY OVERLOOKED DEDUCTIONS
- Interest charged on money borrowed to buy an - Prepay expenses
investment - Any damaged or obsolete stock for write off
- Interest - Union fees
- Bookkeeping fees and postage - Sun protections
- Cost of journals and publications - Home office expenses
- Internet access and computer depreciation - Income protection insurance
- Borrowing cost in taking out a loan (e.g. - Internet expense
establishment fee, legal fee, stamp duty) if <$100, - Mobile phone expenses
expense outright but if >$500 – deduction for over 5 - Bad debts
years - Laundry expense

: Gift or donations
- Donation of more than $2 to a Deductible Gift
Recipient. Your receipt should show whether your
donation is tax-deductible. Check the ABN lookup if
the done is Deductible Gift Recipient.