If you only earn income that's already taxed like salary, wages or investment income, then there are several sorts of non-business expenses you can claim:
- The cost for someone to complete and file your income tax return or assessment. For example, any amount you paid an accountant or tax agent to do this.
- The cost of income protection insurance if the insurance payout would be taxable. Ask your insurance provider if your income protection insurance is deductible (can be claimed as an expense). This is also called 'loss of earnings' insurance.
- Any commission you were charged on your income from interest and dividends, except bank fees.
- Interest on money you’ve borrowed to buy shares or to invest, as long as that investment will produce taxable income.
- Interest you’ve paid to us for late payment of tax. You must claim this in the income year that you paid it.
These expenses can be claimed in your end of year assessment under 'non business expenses'. If you receive an automatic income tax assessment, you can add these expenses in myIR.
You may be asked to provide proof, for example invoices from an accountant or a receipt for income protection insurance.
Can I claim an expense on my individual income tax return?
The answer will depend on your own circumstances. Work through the questions below to find out what you can claim.
If you are in business or a residential landlord
If you're in business, including self employed or working as a contractor, you may be able to claim expenses like your home office, your car, depreciation and environmental costs.
If you own a rental property, you may have expenses related to its upkeep.
Last updated:
25 Sep 2024