17/06/2026
💰 2026 Tax Time 💰
The end of the financial year is near and for some of us this prompts us to consider whether we wish to take action to increase our tax refund this year.
👇 Below are some simple tips to maximize income tax deductions:
✨ All taxpayers
1️⃣ If you would like to help others consider making a donation to a Charity. Donations are fully deductible provided they are made to a Deductible Gift Recipient. There are many charities in Australia to chose from and you may already have one or more favorites. Your gift is always appreciated. Make sure you get a receipt for the donation in order to make the tax claim.
2️⃣ Claim costs incurred in preparing your tax affairs. Typically this includes tax agent fees, travel to meet with your tax advisor, tax audit insurance and record keeping costs. Keep receipts for these costs.
3️⃣ Make a deductible superannuation contribution – there are a lot of complex rules surrounding what you may be able to claim. Please seek professional advice if you would like to explore this option.
👩💼 Salary & Wage Earners
1️⃣ Calculate the number of work-related kilometers travelled in your private vehicle during the year. Up to 5,000kms can be claimed for work-related car use at a rate set by the ATO – 88c for the 2026 year. Include travel to training sessions, conferences, meetings not a usual place of work, picking up supplies or goods for work etc.
2️⃣ Keep receipts for the cost of purchasing and repairing compulsory work uniforms/protective clothing. The ATO will allow a laundry claim for the year of $150 with keeping a laundry diary.
3️⃣ General deductions include union fees, professional registrations and subscriptions, work related supplies – stationery, specific tools etc, mobile phone/internet costs. The ATO will allow a claim of up to $300 for the 2026 year without keeping receipts for these items.
4️⃣ Buying new equipment – if the cost if less than $300 an outright deduction can be claimed, otherwise the cost is depreciated over a number of years.
5️⃣ Other deductions may be available for self-education costs, working from home, interest on loans to purchase work-related equipment etc.
📚 The ATO have a number of useful articles on what you may or not be able to claim for work. Here are some links:
🔗 Work-related deductions | Australian Taxation Office
https://www.ato.gov.au/individuals-and-families/income-deductions-offsets-and-records/deductions-you-can-claim/work-related-deductions
🔗 Guides for occupations and industries | Australian Taxation Office
https://www.ato.gov.au/individuals-and-families/income-deductions-offsets-and-records/guides-for-occupations-and-industries
📈 Investors
1️⃣ Claim costs associated with your investments such as advisor fees, travel to meet with your advisor, record keeping costs, phone/internet fees (apportioned as appropriate), stationery etc.
2️⃣ Interest on loans to purchase the investments if applicable.
3️⃣ For rental properties many deductions can apply – rates, insurance, strata fees, agent costs, repairs & maintenance, pest control, cleaning, gardening, interest on loans, depreciation & building write off costs. The rules around some of these deductions are quite complex and you should seek the assistance of your tax advisor.
🏡 Again the ATO has some useful articles:
🔗 Rental expenses | Australian Taxation Office
https://www.ato.gov.au/individuals-and-families/investments-and-assets/property-and-land/residential-rental-properties/rental-expenses
Please note that changes to some of these rules have been announced in the recent Federal Budget that will apply in future years if the legislation is passed as proposed.
💡 Finally, with tax deductions always remember that you spend $1 to get back what-ever your marginal tax rate is as a refund.
For example, if you spend $500 on a deductible work related expense and your marginal tax rate is 30c (taxable incomes from $45K to $135K) you will receive a tax refund of $150 (ignoring the 2% medicare levy).
Prepared by Julie-Ann Andrews CA CTA BCom
Registered Tax Agent and Registered SMSF Auditor
Treasurer
Women’s Network Hunter (NSW)
