Tax time / End of Financial Year (EOFY) is just around the corner, so it’s time to get your expenses in order. But with so many transactions involved in trade businesses, it’s easy to forget which ones you can claim in your return. Here are the top 10:
- It is necessary that you have personally spent the money and did not receive any reimbursement for it.
- It must directly relate to earning your income
- It's essential to have proof of your transaction, which can be in the form of a receipt or any other record.
It's important to note that only the portion of an expense that is directly related to earning your income can be claimed as a deduction. Any part of the expense that doesn't have a direct connection to your income cannot be claimed.