There are different types of deductions that individuals can claim to reduce their taxable income.
In order to claim work-related tax deductions, the expenses must have to meet three criteria. Firstly, all the expenses have to be paid by the individual, without being reimbursed by the employer. Secondly, they must be directly related to earning your income. Finally, there must be a record of the expenses (i.e. a receipt).
There are various different expenses that can fall under this category.
The cost of earning interest, dividends, or other investment income can also be claimed. This can include:
Home office expenses
A portion of the costs associated with installing your home office can be deducted. The process is now much easier due to COVID-19. It allows people to claim 80 cents per hour for all running expenses. Additionally, people living in the same house can claim this individually, there is no need for a dedicated office.
There are also other deductions available. These include: