what you claim at tax time & RECORD KEEPING GUIDE

You may be able to claim deductions for your work-related expenses. Work-related expenses are expenses you incur on items used to earn your income working in the building and construction industry.

To claim a deduction for a work-related expense:

  • you must have spent the money yourself and weren't reimbursed
  • it must be directly related to earning your income
  • you must have a record to prove it (usually a receipt).
  • If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion.

You can use the ATO app's myDeductions tool to help keep track of your work-related expenses. It’s an easy way to capture information on-the-go and makes tax time quicker by uploading your deductions to your tax return.

For a summary of common deductions:

Records you need to keep

During the financial year you'll receive documents that are important for doing your tax, such as payment summaries and receipts, invoices and contracts.

For a summary of this information in poster format, see Records you need to keep – set the record straight (PDF, 293KB)

Small business instant asset write-offs reduced

From 1 July 2024, small businesses with an aggregated turnover of less than $10 million may be eligible for the instant asset write off (IAWO) on the purchase of eligible assets costing less than $20,000. This threshold for the IAWO applies for the 2023-24 and 2024-25 income years. Any asset costing $20,000 or more is allocated to a small business depreciation “pool” and you can claim 15% in the year of purchase and 30% in subsequent years.  The $20,000 threshold will apply on a per asset basis, so small businesses can instantly write off multiple assets.