Money Doesn’t Come Without Guidance ...
According to the ATO, if you earned interest, dividend or other investment income over the tax year, you might be able to claim a tax deduction for any expenses you incurred while earning that income.
When lodging your taxes, it’s important not to forget to include these tax deductions! ATO divides income source expenses into three income categories,
Interest Income Expenses
What Interest Income Expenses can you deduct?
You can claim account-keeping fees where holding for investment purposes - for example, a cash management account fee listed on your statements or in your passbooks.
Dividend and Share Income Expenses
What Dividend and Share Income Expenses can you deduct?
If you borrowed money to purchase shares or other related investments where you derived assessable interest or dividend income, then you can deduct the interest charged on the borrowed money.
As long as there were costs incurred from managing investments, you can claim the following expenses;
The things that you can’t claim involve:
Forestry Managed Investment Schemes
Are Forestry Managed Investment Schemes Deductible?
If you have made payments to a forestry managed investment scheme – a FMIS, you may be able to claim a deduction for the payments. You can claim this if you;
Note: Claiming a deduction is possible if the forestry manager has advised you that the FMIS meets the 70% direct forestry expenditure rule.
The ATO not only has a tax deduction for interest, dividend and other invest income expenses, but also offers tax deductions for job related costs such as;
That means when it’s time to lodge your taxes, you’ll be able to save money by claiming
each deduction you are eligible for.