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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.
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Notes Online Home 2022 Income Tax Basics Day 1 Deductions
In this chapter of the seminar notes we will discuss the various deductions that are available to taxpayers for the 2020 income year under the following broad headings:
- Item D1 – Work-related car expenses
- Item D2 – Work-related travel expenses
- Item D3 – Work-related clothing, laundry and dry-cleaning expenses
- Item D4 – Work-related self-education expenses
- Item D5 – Other work-related expenses
- Item D6 – Low value pool deduction
- Item D7 – Interest deductions
- Item D8 – Dividend deductions
- Item D9 – Gifts or donations
- Item D10 – Cost of managing tax affairs
- Supplementary section – Deductions
- Item D11 – Deductible amount of undeducted purchase price of a foreign pension or annuity
- Item D12 – Personal superannuation contributions
- Item D13 – Deduction for project pool
- Item D14 – Forestry managed investment scheme
- Item D15 – Other deductions
- Calculating TOTAL SUPPLEMNET DEDUCTIONS
- Calculating TOTAL DEDUCTIONS
- Calculating the SUBTOTAL
- Item L1 - Losses
- Calculating TAXABLE INCOME OR LOSS