What can you claim?

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A question so mind boggling since in the good old days you could claim your mortgage repayments for your private home. Not just investment property repayments. When you place power and standards you find things just get slowly eroded to "save money".

So what can you claim? Well if you were in Australia you are very lucky since there are a host of easily understandable materials you can find online. I can say with certainty it is easy since I have been doing my own returns since my first year working for McDonalds when I turned 14 and 9 months.

It was not the golden age of claiming, or maybe it was but just didn't notice since I did not have a mortgage at that age. I was not lucky like the Chinese mainlanders who have come in droves into
Australia with their mega bucks from a manipulated Renminbi against the US dollar giving million dollar houses to their little spoilt kids. Yes, the lower the value of your currency the more you will get exports of your goods for mass consumption into the west. It is a wonder how that plays into the blind Greta's today when they have in effect created this 'climate change' predicament they are all now trying to blame everyone else.

I digress.

So what can you claim? Well for starters, do you have or kept your receipts for purchases? Purchases of protective clothing, like sunglasses, you heard it right. If you work outside to earn your income, you can claim your sunnies in OZ, they are considered as protective equipment from the harsh weather here down under. Don't forget to keep your receipt, especially if you are going to claim more than 300 bucks worth in total deductions.

What else can you claim? Have you studied between the first of July last year to the 30th of June this year, and incurred costs to study? If so then you can claim them! But. You have to remember. You can only claim study that is directly related to your work that pays you income facing tax. Your taxable income. As an example if are a gardener and you study horticulture because that is the only want you can take care of the plants you are looking after while you work then you can claim the cost to study horticulture, but if you are doing horticulture to get promoted as a gardener from a grass cutter, you cannot claim that cost since you do not need horticulture to cut the grass that is paying your taxable income.

#Taxable income.

This is the big one. There are two kinds of income but in the end there is only one. Confused? Well for starters when you earn your income and it goes from your bosses wallet to yours. The money, before a tax is taken already and paid on your behalf as you earn, also known as pay as you go is what is called "gross income", and no it is not because it has shit smeared on it, making it gross. It is as per the definition:

(of income, profit, or interest) without deduction of tax or other contributions; total. Often contrasted with net(sense of the).

That is the first income you will need to know. It is the mother of all figures that is something used for other things against you, especially if you are a victim of a vindictive bitch, a whole different post and would most likely result in 50 thousand pages worth of words.

I digress.

Well when you are crazy enough to work out how much tax you will likely have to pay you will not be using the gross amount and frankly when you have something in your wallet to spend it is not gross income to begin with. But anyway, digressing again, when you plug your gross income for tax calculations you will need to look at what you can deduct from it.

Have all receipts in easy access and have the necessary narrative to explain why you are claiming them.

The deductions will reduce your "gross income", giving you your taxable income. This is the amount that will be used to calculate your tax for the year that has just passed. In our case it is for the financial year 1 July 2021 to 30 June 2022, unlike the Americans who have a fiscal year of 1 January, what ever year, to 31 December, what ever year.

See the different terminology used there? Financial and Fiscal? One sounds like fisting while the other sounds like white collar crime. Both end up screwing you hard like an abused puppy caught in a US riot/protest.

I hope this has helped you in some way to see the lighter side of taxation.

This is not financial advice, this is what ever it is you want it to be.