GuidePersonalGeneral

General Expenses Deduction Guide

18 June 2020

Items to consider in 2020 tax return.

To maximise your deductions and ensure that your tax return is complete, please review the following items and advise your Accountant if any apply to you.

INCOME

  • PAYG payment Summary (employment)/Income Statement from myGov or Tax Agent Portal if employer registered for STP
  • Allowances / Tips / Director’s Fees
  • Employer Lump Sum Payment
  • Centrelink / Pension Income
  • Annuities / Superannuation Lump Sum Payments
  • Interest Amounts + TFN Credits
  • Dividend Statements
  • Employee Share Schemes
  • Partnership + Trust Distributions
  • Business Income
  • Capital Gains / Losses – Property / Shares
  • Foreign Income
  • Rental Property Income
  • Royalties
  • Taxable Scholarships
  • Jury Service Payments

OTHER ITEMS TO CONSIDER

  • HELP (higher Education Loan Program) / HECS
  • SFSS (Student Financial Supplement Scheme)
  • Child Support Agency Liability
  • Net Medical Expenses Offset
  • Health Insurance Statement
  • PAYG Instalment Credits
  • Other Offsets + Tax Credits
  • Reportable Fringe Benefits Amount

 

GENERAL TAX DEDUCTIONS

  • Work related motor vehicle expenses (logbook maybe required)
  • Gifts + Donations
  • Tax related expenses (inc. tax agent fees, travel to tax agent)

SPECIFIC DEDUCTIONS

  • Un-deducted Purchase Price – Pension / Annuity
  • Income Protection Insurance
  • Union Fees
  • Home Office Expenses
  • Seminars / Courses / Conferences
  • Overtime Meal Expenses
  • Briefcase
  • Tools + Equipment
  • Telephone / Mobile Phone / Internet
  • Bank Fees (e.g. re: deductible purchases)
  • Interest Expenses (e.g. re: deductible purchases)
  • Sun Protection Items (e.g. sunscreen, safety glasses, protective gloves)
  • Reference Books / Journals / Trade Magazines
  • Prior Year Losses
  • Superannuation Contributions

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This document contains general information and is not intended to constitute legal or taxation advice. If you need legal or taxation advice, we recommend you speak to a qualified adviser.

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19th June 2020