Depending on what you do for work, and how you earn your income, there may be a list of expenses that you could be claiming that you were never aware of.
This month we have compiled a list of truly great expenses that might be claimable on your next year’s tax return;
- Acting, public speaking or Toastmasters
Does your job involve public speaking? Do you need to be able to speak confidentially during a sales pitch or does the company you work for require that you present reports to clients in person? If using your public speaking skills is part of your job, then fine tuning them is deducible in your personal tax return. There are specialized acting and public speaking courses for business use, which will provide you with training as well as an expense to deduct. These expenses are also deductible for businesses wanting to up skill their team for the same reasons (but not simultaneously).
- Aesthetic – Darling
The Block has got everyone wondering if they need to revamp their surroundings ‘to more accurately represent their aesthetic’. Did you know that if you hire an interior designer to re-do your office the expense is deductible for the business? As long as the goods that the designer selects for your space are relevant to your business and office, the items will also be deducible. The same is true for your personal home office, in respect to % in which you use it for business/work purposes. If you intend to claim your home office expenses, contact Rubiix Business Accountants to discuss the implications and regulations relating to that, and actions required to do so.
- Being a life saver
It is important that your office has some team members with First Aid Training and providing this training to your team is tax deductible to the business. If the employees pay for the course themselves, because the training is necessary for their work, then the cost will be deductible in their personal tax returns.
- Luggage
If your job requires that you travel for work, particularly if you need to travel with materials or samples, then you can claim a deduction on the depreciation of the luggage that you use for business travel. Keep in mind that if the company has provided this luggage (perhaps to fit in line with their branding) the depreciation is not deductible.
- License Renewal
With respect to personal taxes, make sure that you keep records of costs incurred when renewing or maintaining occupational specific licenses. These license renewal fees must be directly related to the way that you generate an income (and without it you are not able to do your job) for them to be deductible. Be aware – license related deductions are for renewals, not on initial fees.
If you have expenses that are related to your job or the running of your business then speak with your accountant to ensure that you are claiming everything that you should be. Contact Rubiix today.
Submitted by: Julia Katrich – Assistant Manager
Email Julia