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02 October 2024

Tax Time Tips: Deductions for Individuals

We know the last-minute scramble can be stressful. It's important to be aware of the deductions you may be eligible to claim to reduce your tax liability. Below is a brief overview of potential deductions for individuals, as well as our detailed checklists to help you get ready for tax time. 

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Deductions for Individuals

  • Education and training costs
  • Travel costs
  • Telephone and internet bills
  • Donations
  • Costs of buying and selling investments
  • Interest paid on loans used to purchase investments
  • Superannuation Contributions
To claim these deductions, you must:
  • Keep accurate records of all expenses, including invoices, receipts, and bank statements
  • Apportion expenses that have both business and private use
  • Follow the specific rules for each type of deduction

To be able to start preparing your Tax Return please complete the Individual checklist and upload the completed form along with your supporting documents to our Client Portal.

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