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ATO COMPLIANT • 2024-25 FINANCIAL YEAR

Complete Tax Deductions Guide

Join Australia's most innovative accounting firm

Everything you can claim. ATO-compliant. Backed by our $50M accounting firm. Free downloadable checklist included.

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Explore Deductions

Covered

50+ Deductions

Compliant

ATO

Clients

5,000+

Turnover

$50M

Work-Related Expenses

Deductions for employees and contractors

Home Office Expenses

Claim expenses for working from home including electricity, internet, phone, and office equipment.
ATO Reference: TR 2023/1

Who Can Claim

  • Employees working from home
  • Self-employed individuals
  • Contractors

Claimable Amount

  • Fixed rate: $0.67 per hour OR Actual costs method

Documentation Required

Timesheets or diary
Receipts for equipment
Utility bills
Internet/phone bills

Pro Tips

  • Keep a diary of hours worked from home for minimum 4 weeks
  • Fixed rate method is simpler - covers all running expenses
  • Actual costs method may result in higher deduction
  • Can claim decline in value of office furniture over time

Common Mistakes

  • Claiming without keeping proper records
  • Mixing personal and work-related expenses
  • Forgetting to apportion expenses for shared use

Car & Travel Expenses

Vehicle expenses for work-related travel (excluding home to work commute).

ATO Reference: TR 2020/1

Who Can Claim

  • Employees with work-related travel
  • Self-employed
  • Carrying bulky equipment

Claimable Amount

  • Cents per km: $0.85/km (max 5,000km) OR Logbook method

Documentation Required

Logbook (12 weeks)
Odometer readings
Fuel receipts
Service records

Pro Tips

  • Travel between workplaces IS deductible
  • Home to work travel is generally NOT deductible
  • Keep logbook for 12 consecutive weeks
  • Logbook method better for high km travelled

Common Mistakes

  • Claiming home to work travel
  • Using outdated cents per km rate
  • Invalid or expired logbook

Clothing, Laundry & Dry-Cleaning

Uniforms, protective clothing, and occupation-specific attire.

ATO Reference: TR 2021/4

Who Can Claim

  • Workers with compulsory uniforms
  • Protective clothing users
  • Occupation-specific clothing

Claimable Amount

  • Actual costs OR $1 per load (if total claim under $150)

Documentation Required

Receipts for purchases
Laundry records
Employer uniform policy

Pro Tips

  • Only specific uniforms with employer logo deductible
  • Protective clothing (hi-vis, steel caps) is deductible
  • Conventional clothing (suits, white shirts) NOT deductible
  • Keep receipts for purchases and cleaning

Common Mistakes

  • Claiming conventional business attire
  • No receipts for expensive items
  • Claiming non-protective sunglasses/hats

Self-Education & Training

Courses, seminars, and education related to current employment.

ATO Reference: TR 98/9

Who Can Claim

  • Employees upskilling
  • Career advancement training
  • Mandatory certifications

Claimable Amount

  • Course fees, textbooks, travel to campus, depreciation of equipment

Documentation Required

Course receipts
Textbook invoices
Travel records
Equipment receipts

Pro Tips

  • Must have sufficient connection to current employment
  • Cannot be for new career or new income source
  • Student loans (HELP/HECS) not deductible
  • Professional memberships may be deductible

Tools & Equipment

Work-related tools, computers, phones, and technical equipment.

ATO Reference: TR 2022/3

Who Can Claim

  • Tradies
  • IT professionals
  • Office workers
  • Technical roles

Claimable Amount

  • Under $300: Immediate deduction | Over $300: Depreciate over useful life

Documentation Required

Purchase receipts
Usage diary
Work requirement letter

Pro Tips

  • Tools under $300 can be claimed immediately
  • Tools over $300 depreciate (e.g., laptop over 2-4 years)
  • Must apportion for private use
  • Keep usage diary for high-value items

Phone & Internet

Mobile phone and internet expenses for work purposes.

Who Can Claim

  • All employees using phone/internet for work

Claimable Amount

  • Actual work-related portion OR 4-week diary method

Documentation Required

Phone bills
4-week usage diary
Internet bills

Pro Tips

  • Calculate work-related percentage accurately
  • Keep 4-week representative diary
  • Include calls, data, and plan fees
  • Equipment decline in value separate claim

Investment Property

Rental property and investment deductions

Loan Interest

Interest on loans used to purchase or improve rental properties.

ATO Reference: TR 2019/1

Who Can Claim

  • Investment property owners
  • Interest-only or principal & interest loans

Claimable Amount

  • Full interest portion (not principal repayments)

Documentation Required

Loan statements
Interest certificates
Settlement statements

Pro Tips

  • Interest is fully deductible for investment properties
  • Cannot claim principal repayments
  • Loan for renovations also deductible
  • Offset account interest reduction affects claim

Property Management Fees

Real estate agent fees, advertising, and tenant finding costs.

Who Can Claim

  • All rental property owners

Claimable Amount

  • Full management fees, advertising costs, letting fees

Documentation Required

Agent statements
Advertising receipts
Letting fee invoices

Pro Tips

  • 100% deductible in year incurred
  • Include tenant finding fees
  • Body corporate fees deductible
  • Rental guarantee insurance deductible

Repairs & Maintenance

Repairs to rental property (not improvements or initial repairs).

ATO Reference: TR 97/23

Who Can Claim

  • Rental property owners

Claimable Amount

  • Immediate deduction for repairs | Capital improvements depreciated

Documentation Required

Repair invoices
Before/after photos
Tradesperson quotes

Pro Tips

  • Repairs vs improvements is crucial distinction
  • Repairs restore existing function (deductible)
  • Improvements enhance property (depreciate)
  • Initial repairs before renting NOT deductible

Common Mistakes

  • Claiming improvements as repairs
  • Claiming initial repairs before first tenant
  • Not keeping adequate documentation

Depreciation

Capital works (building) and plant & equipment depreciation.

Who Can Claim

  • All rental property owners

Claimable Amount

  • Building: 2.5% p.a. over 40 years | Plant & equipment: Various rates

Documentation Required

Depreciation schedule
Purchase contracts
Construction dates

Pro Tips

  • Get professional depreciation schedule ($500-800)
  • Building depreciation only for post-1985 construction
  • Plant & equipment includes appliances, carpets, blinds
  • Worth $5,000-$10,000+ in first year typically

Council Rates & Insurance

Rates, land tax, and insurance premiums for investment properties.

Who Can Claim

  • All rental property owners

Claimable Amount

  • 100% if fully rented | Apportion if partially rented

Documentation Required

Council rate notices
Insurance policies
Land tax assessments

Pro Tips

  • Fully deductible if property rented all year
  • Must apportion if holiday home or vacant periods
  • Building insurance deductible
  • Landlord insurance fully deductible

Business Expenses

Deductions for sole traders and businesses

Operating Expenses

Day-to-day running costs of your business.

Who Can Claim

  • Sole traders
  • Companies
  • Partnerships
  • Trusts

Claimable Amount

  • Full cost if 100% business use | Apportion for mixed use

Documentation Required

Invoices
Receipts
Bank statements
Expense register

Pro Tips

  • Includes rent, utilities, insurance, subscriptions
  • Must be incurred in earning assessable income
  • Prepaid expenses over 12 months must be apportioned
  • Keep detailed records for all expenses

Employee Costs

Wages, superannuation, and employee-related expenses.

Who Can Claim

  • Businesses with employees

Claimable Amount

  • Full wages, super, WorkCover, payroll tax

Documentation Required

Payroll records
Super payment confirmations
STP reports

Pro Tips

  • Wages deductible when paid
  • Super deductible when paid (before lodgement deadline)
  • Don't forget WorkCover and payroll tax
  • Bonuses deductible when paid or accrued

Marketing & Advertising

Promotion, advertising, website costs, and marketing campaigns.

Who Can Claim

  • All business types

Claimable Amount

  • Full deduction for ongoing marketing | Website development may be depreciated

Documentation Required

Advertising invoices
Marketing agency contracts
Tradesperson quotes

Pro Tips

  • Google Ads, Facebook Ads fully deductible
  • Website ongoing costs immediate deduction
  • Website development may need to be depreciated
  • Branding and logo design usually immediate

Motor Vehicle Expenses

Business use of vehicle including fuel, insurance, and maintenance.

Who Can Claim

  • Business vehicle owners

Claimable Amount

  • Logbook method OR Cents per km (up to 5,000km at $0.85/km)

Documentation Required

Logbook
Fuel receipts
Service records
Insurance
Registration

Pro Tips

  • Keep 12-week logbook
  • Logbook method better for high business use
  • Include all vehicle costs (fuel, insurance, rego, repairs)
  • Review logbook every 5 years

Professional Fees

Accounting, legal, consulting, and professional service fees.

Who Can Claim

  • All business types

Claimable Amount

  • 100% deductible if for business purposes

Documentation Required

Professional service invoices
Accountant fees
Legal fees

Pro Tips

  • Accounting fees fully deductible
  • Legal fees for business matters deductible
  • Capital legal fees (property purchase) not deductible
  • Consulting and advisory fees deductible

Bad Debts

Write off debts that are genuinely unrecoverable.

Who Can Claim

  • Businesses with trade debtors

Claimable Amount

  • Full debt amount if previously included in assessable income

Documentation Required

Debt collection attempts
Correspondence
Debtor insolvency notices

Pro Tips

  • Must have previously declared income
  • Must prove genuine attempts to recover
  • Document all collection efforts
  • Cannot claim if on cash basis

Investment Income

Shares, dividends, and investment deductions

Interest on Investment Loans

Interest on loans to purchase shares, managed funds, or income-producing investments.

Who Can Claim

  • Investors with margin loans or investment loans

Claimable Amount

  • Full interest on loans for income-producing investments

Documentation Required

Loan statements
Interest certificates
Investment purchase records

Pro Tips

  • Loan must be for income-producing assets
  • Not deductible for growth-only investments
  • Margin loan interest fully deductible
  • Keep records of borrowed amounts vs investment

Investment Management Fees

Financial advisor fees, platform fees, and investment administration costs.

Who Can Claim

  • All investors

Claimable Amount

  • Advisor fees, platform fees, custody fees

Documentation Required

Advisor fee statements
Platform fee statements
Investment reports

Pro Tips

  • Ongoing advisor fees deductible
  • Initial advice for acquiring investments not deductible
  • Platform administration fees deductible
  • SMSF advice fees claimed in super fund

Investment Publications

Subscriptions to investment journals, research services, and financial news.

Who Can Claim

  • Active investors

Claimable Amount

  • Full subscription costs

Documentation Required

Subscription receipts
Research service invoices

Pro Tips

  • AFR, Bloomberg, investment newsletters deductible
  • Research reports and databases deductible
  • Books on investing strategy also deductible
  • General news subscriptions may not qualify

Other Deductions

Additional common tax deductions

Charitable Donations

Gifts to registered DGR charities.

ATO Reference: Deductible Gift Recipients Register

Who Can Claim

  • All taxpayers

Claimable Amount

  • Minimum $2 per donation

Documentation Required

Donation receipts from DGR charities

Pro Tips

  • Charity must be registered DGR
  • Check ABN Lookup for DGR status
  • Workplace giving fully deductible
  • Must have receipt for all donations

Tax Agent Fees

Cost of preparing and lodging tax returns.

Who Can Claim

  • All taxpayers

Claimable Amount

  • Full accounting fees for tax return preparation

Documentation Required

Accountant invoice

Pro Tips

  • Tax prep fees fully deductible
  • Can claim even if not itemizing other deductions
  • Tax planning advice also deductible
  • Keep invoice for your records

Income Protection Insurance

Insurance that replaces income if unable to work.

Who Can Claim

  • All taxpayers with income protection

Claimable Amount

  • Full premium amount

Documentation Required

Insurance policy
Premium statements

Pro Tips

  • Income protection premiums fully deductible
  • Life insurance NOT deductible (unless in SMSF)
  • TPD insurance not deductible
  • Trauma insurance not deductible

Bank Fees

Account keeping fees and transaction fees for business/investment accounts.

Who Can Claim

  • Business owners
  • Investors

Claimable Amount

  • Fees on business or investment accounts

Documentation Required

Bank statements showing fees

Pro Tips

  • Personal account fees NOT deductible
  • Business account fees fully deductible
  • Investment account fees deductible
  • Loan fees may need to be spread over loan term
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