Arrowhead Tax Accountants
Certified Practising Accountant

Deduction Guidelines

As taxpayers we must always ensure that we have receipts to support our deductions and moreover, retain these for five years in the event of a review.  This requirement is applicable to all taxpayers. 

Tax Deductions for Salary and Wage Earners

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Generally, as a rule, if you are regarded as an employee, you will be deemed to be a salary and wage earner. As a result, the expenses you incurred which give rise to tax deductions associated with earning your income must have a direct link to your income producing activities. The expenses cannot be incidental or incurred as a matter of convenience.

Rental Property Investments

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According to data sourced from the Australian Taxation Office rental income and deduction will always be closely monitored since 2.2 million Australians hold and investment property and claim over $50 billion in deductions each year. (ATO Year Ending 30 June 2019.)