The Millennial Guide To EOFY Tax Deductions
When it comes to sleep, we know our stuff! And when it comes to tax returns we actually don’t know anything to be honest with you, sorry. One thing we do know is there are some bizarre tax deductions you may be entitled to (hint: a puppy) or you may just need a break from the EOFY craziness, whatever the reason — you’ve come to the right place!
Yes, beauty fiends, you read that correctly. If you work outdoors, you can claim any make-up that contains SPF as sun protection. Before you get too carried away and decided to spend up big, you’ll need to be able to prove that your employer requires you to spend time outdoors. Anyone for a compulsory meeting in the sun?
A Pet Dog
If you need a pupper for your work, you can claim both the cost of acquiring the dog and the cost of keeping it (food, vet bills, etc). The cost is then depreciated meaning it is ‘spread out’ over a few years (yes, in the cold eyes of the ATO your puppy is technically an ‘asset’). The two most common scenarios where the cost of a dog is tax-deductible is farming (sheep doggo) and security (guard doggo). Apparently, office dogs do not count, which hardly seems fair. Don’t worry, we’re working on the petition as we speak.
If you own an investment property, the ATO has your back! *Baby boomers everywhere breathe a sigh of relief*
Wear and tear of your investment property and its fixtures will cause the property to lose value over time. This is considered an ‘investment loss’ by the ATO and is offset against an investor’s taxable income. In non-accountant talk, that means you can claim everything from your garden gnomes, solar lights and even your clothesline. See you at Bunnings!
Xbox consoles, pool tables and ping-pong tables are among some of the unexpected but successful tax deductions lodged by businesses. The keyword here being ‘business’, so unless you are a professional gamer, you might be out of luck. According to the ATO video games are more difficult to claim (so keep your JB Hifi receipt). And according to my mum spending more time playing video games than doing actual work, does not make you a “professional gamer”. Whatever mum, STAY OUT OF MY ROOM!
Your Eva Mattress
Okay, so we don’t actually recommend adding ‘mattress in a box’ to your tax return, as you may or may not (definitely will) get your claim denied. Unless of course, you can prove it is a business-related expense. Is professional napper a thing yet?
Disclaimer: Whilst you are most welcome to claim you received your tax information on good authority, linking the ATO to this article will not help your case. Seriously, people, this is not legal advice. Do yourself a favour and check with an accountant before you claim a single goddamn thing.
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