We’ve all put 2020 behind us, and it’s time for a positive fresh start with organisation and getting ahead in the New Year 2021. While taxes are not something we like to think about this time of year, it’s the perfect time to start getting organised about what you need for tax time and what deductions you can be eligible for.
Here are some more of the unusual tax deductions you may not even be aware you can claim.
3. Work handbags
Each year you can claim a workbag. A laptop bag or carry backpack can be claimed, but you’ll need to be careful when trying to claim a designer luxury handbag. If you can prove you carry your laptop, tablet, documents in a bag for work you can claim it. But the ATO will be onto it if you try and put through a $3000 Louis Vuitton tote, so talk to your tax advisor on what you can claim.
4. Protection clothing
5. Home office
6. Further education
7. Gym equipment
8. Laundering your work uniforms
If you have a small business with a turnover of less than $10 million, you can claim assets including paintings and artwork. The deduction threshold for this is now unlimited. If you’ve been wanting to buy a particular artwork for a waiting room clinic or boardroom, for instance, this may be a tax deduction.
If you qualify for any of the above deductibles, your next tax bill could look quite different. Always confirm which items you can deduct on the ATO website though, as rules can change.
10. Media subscriptions
In the new digital media world, many media publications are now subscription based and can be deductible if they relate to your trade or profession. Subscriptions to newspapers, professional magazines, TV journals and podcasts can be claimed if they can be proven to relate to your profession.
At Charter Partners, we can help you understand and navigate what can be claimed for your business. We can also offer services in business mentoring, financial planning, bookkeeping, financial forecasting and taxation planning.
Anthony McPhee, Principal
B.Bus (Accy) QUT | FCPA, SSA (SMSF Specialist Advisor with the SMSF Association) & Registered Tax Agent
Anthony has over 25 years accountancy, taxation and superannuation (SMSF) experience. He eagerly welcomes a challenge and his passion is in small business accounting, superannuation, consulting and taxation advice. He provides real business benefits for each of his clients and is well regarded for his succinct and accurate accounting skills. Anthony is also a self-managed superannuation fund (SMSF) specialist with Australia’s leading SMSF body, The SMSF Association.