You might wonder, what are the “other deductions” you may be able to claim on your tax return?
Generally, you earn income by spending your money on your necessities. You can claim the expenses as your other deductions right away or do so over time.
To be a qualified expense claim, you have to show that your expense:
- Is necessary to earn the income
- Not private or domestic in nature
- Does not relate to a capital asset or not an outgoing of capital
Here are some examples that you can claim:
- Election expenses
- Foreign exchange losses
- Foreign UPP amount
- Australian film incentive
For more deductions, click here to access the ATO list.