{"id":289892,"date":"2025-04-30T16:06:57","date_gmt":"2025-04-30T03:06:57","guid":{"rendered":"https:\/\/www.reckon.com\/nz\/?post_type=glo&p=289892"},"modified":"2025-05-01T17:15:38","modified_gmt":"2025-05-01T04:15:38","slug":"tax-deductions","status":"publish","type":"glo","link":"https:\/\/www.reckon.com\/nz\/glossary\/tax-deductions\/","title":{"rendered":"Tax deductions"},"content":{"rendered":"

[et_pb_section fb_built=”1″ custom_padding_last_edited=”off|desktop” _builder_version=”4.27.2″ custom_margin=”0px||0px||false|false” custom_padding=”0px||0px||false|false” custom_padding_phone=”0px||||false|false” locked=”off” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.27.2″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” width=”100%” custom_margin=”0px||0px||false|false” custom_padding=”0px||0px||false|false” locked=”off” global_colors_info=”{}”][et_pb_column type=”1_3″ module_class=”table-contents” _builder_version=”4.23″ background_color=”#f4f4f4″ custom_padding=”25px||25px||true|false” sticky_position=”top” sticky_limit_bottom=”section” sticky_position_tablet=”top” sticky_position_phone=”none” sticky_position_last_edited=”on|desktop” pac_dcm_carousel_specific_module_num=”0″ border_radii=”on|24px|24px|24px|24px” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.23″ text_font=”||||||||” global_colors_info=”{}” background__hover_enabled=”on|desktop”][\/et_pb_text][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.16″ custom_padding=”|||” pac_dcm_carousel_specific_module_num=”0″ global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Definition description ” _builder_version=”4.27.4″ header_2_font_size=”32px” hover_enabled=”0″ header_2_font_size_tablet=”30px” header_2_font_size_phone=”26px” header_2_font_size_last_edited=”on|tablet” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

 <\/p>\n

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

Claiming a tax deduction with the IRD (while filing a tax return) 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

[\/et_pb_text][et_pb_image src=”https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2024\/08\/tax-deductions.png” alt=”What is a tax deduction infographic” title_text=”Tax Deductions” align=”center” _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text admin_label=”Definition description + related terms” _builder_version=”4.27.4″ header_2_font_size=”32px” hover_enabled=”0″ header_2_font_size_tablet=”30px” header_2_font_size_phone=”26px” header_2_font_size_last_edited=”on|tablet” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

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