It is important to identify all of the legitimate tax deductions you are entitled to. These often relate to expenses incurred during the process of generating income.

Every person is different, but below are some examples of the most common deductions:

  • Vehicle and travel costs
  • Laundry and dry-cleaning
  • Home office supplies
  • Interest and dividend deductions
  • Investment income deductions
  • Education and self-development
  • Tools and other equipment
  • Geared investments
  • Superannuation contributions and concessions
  • Salary sacrifice
  • Fringe benefits tax
  • Capital gains tax
  • Realisation of assets
  • Employee bonuses
  • Trading stock write-offs
  • Gifts, donations or contributions