There are several main categories that individuals can explore to potentially help reduce your taxable income. Let’s have a look at them here:

Work-related Expenses: Includes expenses directly related to your employment or business activities. It can cover items like uniforms, tools, equipment, work-related travel, and professional development expenses.

Self-Education Expenses: Say you undertake education or training courses to enhance your skills and knowledge in your current profession, you may be eligible to claim deductions for associated expenses such as tuition fees, textbooks, and stationery.

Charitable Donations: Donations made to registered charities and certain other deductible gift recipients (DGRs) can be claimed as deductions. It’s very important to keep receipts for these donations.

Home Office Expenses: If you work from home and have a dedicated workspace, you may be able to claim deductions for expenses such as a portion of your electricity, stationery, electronic equipment, phone and internet costs. You’ll need to keep accurate records and ensure the expenses are genuinely work-related.

Vehicle Expenses: If you use your vehicle for work-related purposes, you may be able to claim deductions for expenses such as fuel, maintenance and repairs, insurance, and depreciation. It’s important to maintain a logbook and accurately track your business-related travel either manually or via an app.

Rental Property Expenses: If you own an investment property, there are various deductions you can claim, including interest on loans, property management fees, repairs and maintenance costs, council rates, and insurance premiums.

Income Protection Insurance: Premiums paid for income protection insurance, which provides coverage in the event of illness or injury affecting your ability to work, are generally tax-deductible.