{"id":262901,"date":"2023-06-26T11:35:00","date_gmt":"2023-06-25T23:35:00","guid":{"rendered":"https:\/\/www.reckon.com\/au\/?page_id=262901"},"modified":"2025-01-17T16:37:15","modified_gmt":"2025-01-17T04:37:15","slug":"tax-deductions","status":"publish","type":"glo","link":"https:\/\/www.reckon.com\/au\/glossary\/tax-deductions\/","title":{"rendered":"Tax Deductions"},"content":{"rendered":"

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Tax deductions are allowable expenses that you can claim with the ATO to reduce your taxable income.<\/p>\n

Claiming a tax deduction with the ATO (while filing a tax return<\/a>) reduces your taxable income which generally leads to you paying less tax.<\/p>\n

As a business owner or individual, the aim of the game is to reduce your taxable income as much as is legally allowable to keep more money in your pocket (aka, more profit<\/a>.)<\/p>\n

Examples of tax deductions<\/h3>\n

Generally, you can deduct expenses that are used for the sole purpose of \u2018doing the work\u2019 of your employment or business. The work-related expenses you claim must relate directly to your business operations and revenue generation.<\/p>\n

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Some examples include, but are not limited to:<\/p>\n