Deductions are expenses that reduce your taxable income, meaning that you pay less tax. The majority of deductions currently claimed by individuals are work related expenses, such as travel, clothing and self-education. However, the law accommodates for a wide variety of deductions that many people are unaware of. This is why people seek out the expertise of a Sydney chartered accountant or Sydney accountant. Our Sydney chartered accountants and Sydney accountants regularly assist clients determine whether their expenses are deductable.
The following are some of the things that may be deductable:
- Occupation-specific clothing
- Self education expenses
- Work related journals, periodicals and magazines
- Costs of managing tax affairs
- Gifts or donations
- Work related travel expenses
- Other work related expenses
- Losses incurred by investments
There are a diverse range of deductions permitted by law. A proactive accountant who properly understands the tax law can help you save thousands of dollars of tax every year by tapping into deductions. Our Sydney chartered accountants and Sydney accountants are experienced and efficient. Contact our office to arrange a consultation.
Comments (0)
Add a Comment