Every year, millions of Australians file their tax returns and walk away thinking they’ve claimed everything. Wrong. Most people are leaving serious money on the table – sometimes over $900 – because they don’t know about these perfectly legal deductions.
Here’s what you’re probably missing:
1. Work-Related Study and Training
Did you do any courses, workshops, or training this year? Even online stuff counts if it helps your career. The average person spends $1,936 on this annually, which could mean up to $910 back in your pocket depending on your tax bracket.
You can claim:
- Course fees
- Textbooks and software
- Travel to training locations
Pro tip: Pay for next year’s training before June 30 to get the deduction now instead of waiting another year.
2. Working From Home (The Right Way)
Everyone knows about the 70-cent-per-hour rate, but if you’ve got a proper home office setup, claiming actual expenses usually gets you more money back.
You can claim portions of:
- Electricity and internet bills
- Office furniture and equipment
- Repairs and maintenance
- Even rent in some cases
Just keep detailed records – the ATO is watching this one closely.
3. Income Protection Insurance
If you pay for income protection outside your super, those premiums are 100% deductible. For high earners, this means getting back 32-47 cents for every dollar spent.
4. Investment Expenses
All those little investment costs add up:
- Loan interest for investments
- Property management fees
- Financial advisor fees
- Brokerage fees
- Investment research subscriptions
- Loan setup costs (spread over 5 years)
5. Professional Memberships and Subscriptions
Industry body memberships, work-related software, professional magazines, even LinkedIn Premium if you use it for work – all deductible.
6. The Bigger Picture: Structure Beats Deductions
Here’s the thing – chasing deductions is good, but smart people focus on structure. How you hold your investments matters more than any single deduction.
Instead of owning everything in your name and paying full tax, consider:
- Investment bonds
- Family trusts
- Investment companies
The difference between someone who just claims deductions and someone with proper tax advice? About $974 on average ($3,550 vs $2,576 in refunds).
Bottom Line
Stop leaving money on the table. These deductions are sitting there waiting for you to claim them. But if you want to play in the big leagues, get proper advice on structuring your investments.
The ATO isn’t going to call you up and remind you about money you forgot to claim. That’s on you.
This is general information only. Get proper financial advice for your situation.
