Knowing what you can and cannot claim from the ATO every year can be a headache at the best of times. Indeed, many of us are missing out on handy funds as we are unaware of the precise rules surrounding tax returns and the kinds of expenditures we are able to claim back.
Of course, whilst most claimable items and services such as travel costs, work-related clothing, and educational courses are unlikely to come as a surprise, there are a few exceptions that may come as a shock. We’ve collated a few of our favourites:
1. Paintings and wall art
If your small business boasts a board room, waiting room or meeting room featuring artwork, you may be able to claim back some of the costs of the adornment. Of course, there are stipulations surrounding the price of the painting and where you intend to hang it, so it is advisable to do your research before purchasing a masterpiece.
2. Alcohol
Whilst most businesses are unable to state alcohol as a claimable expense, organisations directly involved with the purchase of alcoholic drinks may be able to do so. Wine merchants and restaurant consultants, for example, are a couple of the lucky workers that may be able to claim for their favourite bottle of Penfolds.
3. Make-up with SPF protection
If you work outdoors and use a foundation or powder with SPF protection, this can be reclaimed.
4. Dog-related expenses
A number of professions such as farming and security services require people to bring their dogs to work. People that qualify for dog-related deductions can claim for expenses such as veterinary procedures and dog food. It is important to note, however, that family dogs are not eligible.
5. Electricity
If you work from home on a regular basis, it may be worth reclaiming some of your energy costs. If you are reluctant to claim for a comprehensive home office package, you can make a claim for the electricity used when working at home.
As demonstrated by the above examples, the world of tax can be a difficult one to figure out, particularly as there are so many weird and wonderful items that fall under claimable expenses. If you’d like some assistance with your tax return, let an experienced accountant at ITP Queensland assist you. Find an office