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.
Please follow the links for future information on topics related to you.
Deductions for Individuals
- Home office expenses (E.g:utilities, internet)
- Education and training costs
- Travel costs
- Telephone and internet bills
- Donations
- Rental Property Expenses Checklist (E.g: Real estate management fees, Interest on any loans, Council and water rates, Depreciation). More information can be found on rental property.
- Costs of buying and selling investments
- Interest paid on loans used to purchase investments
- Superannuation Contributions
- The Cost to prepare your annual Crypto Report
- 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.







