Top Tax Deductions You Might Be Missing
Tax time can be overwhelming, but it’s also an opportunity to maximise your refund by claiming all eligible deductions. Many Australians leave money on the table simply because they aren’t aware of certain tax-deductible expenses. Whether you’re an employee, a freelancer, or a business owner, here’s a guide to ensure you’re not missing out on valuable deductions when lodging your tax return.
Tips for a Smooth Tax Return Process
✔️ Keep detailed records – The ATO requires receipts for all claims, so store digital or physical copies of your expenses.
✔️ Use ATO’s myDeductions tool – A handy app to track your expenses throughout the year.
✔️ Get professional advice – Working with an accountant can help you navigate complex deductions and maximise your refund legally.
Top 6 Tax Deductions You Should Not Miss
1. Work-Related Expenses
If you’ve spent money on work-related items that weren’t reimbursed by your employer, you may be able to claim them as deductions. Some commonly overlooked work-related expenses include:
✅ Home office expenses – If you work from home, you can claim electricity, internet, phone bills, and even depreciation on office furniture. The ATO allows you to use the fixed-rate method (67 cents per hour) or the actual cost method.
✅ Work-related subscriptions – Memberships to professional organisations, industry journals, and work-related magazines are all deductible.
✅ Protective clothing & equipment – If your job requires specific uniforms, safety gear, or sun protection (for outdoor workers), you may be eligible for a deduction.
✅ Work-related travel – If you use your personal vehicle for work purposes (not including commuting), you can claim fuel, maintenance, and registration costs using the logbook method or the cents-per-kilometre method.
2. Education & Training Costs
If you’ve undertaken courses, seminars, or training directly related to your job, you may be able to claim expenses such as:
✔️ Course fees
✔️ Textbooks and stationery
✔️ Travel expenses to and from your place of study
✔️ Internet and software required for coursework
However, the course must be directly related to your current job, not one intended to help you switch careers.
3. Investment-Related Deductions
If you earn income from investments, there are several deductions you can claim, including:
💰 Investment property expenses – Interest on your mortgage, property management fees, repairs, and insurance costs.
📈 Stock market investments – If you earn dividends, you may be able to claim deductions for financial adviser fees, investment subscriptions, and interest on loans used for investing.
4. Superannuation Contributions
Making additional personal super contributions (above the employer’s super guarantee) can be a tax-effective way to boost your retirement savings while reducing your taxable income. You must notify your super fund and complete an Intent to Claim a Deduction form before lodging your tax return.
5. Charitable Donations
Did you make a donation of $2 or more to a registered charity? You can claim it as a tax deduction, provided you have a receipt.
6. Unused Tax Offsets & Rebates
Many Australians miss out on tax offsets that could significantly reduce their tax bill, including:
🔹 Private health insurance rebate – If you have an eligible private health policy, you may qualify for a rebate.
🔹 Low- and middle-income tax offset (LMITO) – Check if you’re eligible for this tax relief.
🔹 Spouse super contributions – If you contribute to your spouse’s super and they earn below a certain threshold, you could be eligible for a tax offset.
Need Help with Your Tax Return?
At Full Circle Accounting & Taxation, we specialise in helping individuals and businesses optimise their tax returns while ensuring full compliance with ATO regulations. If you want to make sure you’re claiming everything you’re entitled to, get in touch with our expert team today.
Don’t leave money on the table—get the refund you deserve!