How to Claim Deductions – What you can and can’t claim
Do you know how to claim deductions? Many Australians still have a thing or two they do not know about deductions. To make a deduction claim, you should have incurred the expense in question prior to earning your taxable income. Additionally, the expense should not be domestic, capital or private. In case the expenditure claimed as a deduction was related to work and domestic or private matters, you can only qualify for the work-related one.
How to claim deductions – Primary rules
First, you should make the claim within the income year the purchase was made. Then you cannot claim an expenditure that you anticipate to be compensated for. Finally, you must present documents that will serve as evidence prior to making your claim.
When you cannot make a claim
As you learn how to claim deductions, note that you cannot claim for fines imposed on you by any jurisdiction, be it a state, commonwealth, a foreign nation, court or territory. As well, you cannot claim any deductions from money earned from unlawful businesses.
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