5 Purchases you didn't know are tax deductible
Have you ever been at the shops and seen something you would like to buy and thought whether or not it is tax deductible? As accountants we are constantly asked what can and can't be claimed come tax time. We want to help you plan your taxes to ensure you don't pay any more than you have to. To help with that, here are our top 5 Purchases you probably didn't know are tax-deductible!
Yes that's right makeup! But there is a catch it must a sun protection component and your job must require you to work outdoors.
If you are using your handbag to carry work items like iPads, stationery and work papers, then you are allowed a deduction. Prada here we come!
3. Pay-TV subscription
If the Pay-TV subscription has content that is required for you to keep up to date with work, then a portion may be deductible. Think financial advisers and the sky business channel.
If you are required to travel for work and you are sick of paying for hotel rooms, then a caravan can be tax deductible. You must apportion for business use of course.
5. Home office costs
If you are required to work from home then you will be able to claim a portion of your home expenses. You can claim 45 cents per hour of your time spent working from home. For example, 10 hours a week multiplied by 52 weeks a year, equals a tax deduction of $234. But you must specify this in a diary and complete it for four weeks.