It is that time of the year again, tax time! One of the key questions we get at this time of year is clients asking what type of expenses they are entitled to claim against their taxable income.

So what is deductible?

Put simply you're entitled to claim deductions for some expenses that are directly related to earning your income. Any expenses incurred that related directly to your employment income are allowable deductions provided you have a copy of the receipt to substantiate your claim.

What is not deductible?

Deductions must not be a private, domestic or capital expense. If the expense was both work-related and private or domestic, you can only claim a deduction for the work-related portion.

We have provided the video below to help our clients understand what deductions they may be eligible to. If you have any specific questions regarding the deductibility of items, contact your GMD team member.