Tax time is almost here and whether you plan to use an agent to complete your return or do it yourself, it’s vital that you claim deductions for everything that you’re entitled to. Here’s a hit list of some of the tax deductions you might not have known you could claim.
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Professional memberships and subscriptions.
If you’re a member of a professional or trade association as part of your work, you can claim a deduction for the amount you pay in subscriptions. This also covers union fees if you’re a member of a trade union, as well as subscriptions to trade or professional magazines.
Don’t forget, if you prepay your fees or subscriptions for next year before 30 June, you can claim a deduction this year, which can be a useful timing benefit.
Rental property expenses.
Most people with a rental property know that you can claim a deduction for the interest element of the mortgage but there are plenty of other deductions you can claim on a rental property, many of which are often overlooked. So, if you’ve paid out for any of these costs this year, make sure you claim a deduction: