Tax time is just around the corner, and while most of us are gathering receipts and crossing our fingers for a decent refund, there’s a good chance you could be leaving hundreds—if not thousands—of dollars on the table.
According to new research from Xero, more than half of Australians are confused about what they can and can’t claim, even though a majority have made purchases in the past year to claim them as deductions.
You’re not alone if you’re among the 51 per cent scratching your head over tax time. However, with some know-how, you could boost your refund by up to $870 or more simply by remembering a few commonly overlooked deductions.
Let’s break down the top five tax deductions Australians often forget, and how you can ensure you’re not missing out.
1. Work-related subscriptions: More than just magazines
When it comes to work-related expenses, most people remember to claim the basics—stationery, uniforms, maybe even a laptop.
But did you know that subscriptions can also be tax-deductible? If you subscribe to industry magazines, journals, or even professional networking platforms like LinkedIn Premium for work purposes, you can claim these costs.
And here’s a modern twist: digital tools like ChatGPT subscriptions may also be deductible if you use them for work and your employer isn’t footing the bill.
The key is to apportion the cost between work and personal use, and keep clear records. Don’t try to sneak in your Netflix subscription—unless you’re a film critic or it’s genuinely required for your job, the Australian Tax Office (ATO) won’t be impressed.
2. Rental property expenses: Don’t miss the hidden deductions
If you own a rental property, you’re probably aware you can claim interest on your loan and council rates.
But what about the less obvious deductions? Property management fees, depreciation reports, and even the cost of getting a depreciation schedule done before 30 June are all claimable.
Other often-missed expenses include repairs and maintenance (gardening, pest control, end-of-lease cleaning, and smoke alarm servicing) and letting and finance fees. Every dollar counts, so ensure you’re not missing these hidden gems.
3. Tax agent fees: Claim the cost of getting help
Did you pay a professional last year to help with your tax return? Good news: the fee is tax-deductible in the year you pay it. So, if you paid your accountant between 1 July 2024 and 30 June 2025, you can claim it in this year’s return.
With typical fees ranging from $100 to $300, and a marginal tax rate of 32 per cent (including the Medicare levy), you could see up to $96 extra in your refund, just for getting a little help.
4. Income protection insurance: A safety net that pays you back
Income protection insurance covers you if illness or injury stops you from working. Many people don’t realise that the premiums are tax-deductible if you pay for this insurance personally (not through your super fund).
Finder reports a $3,000 monthly benefit premium of $76.75, or $921 yearly. For someone in the 32 per cent tax bracket, that’s a potential refund boost of $295.
Remember: if your policy is held through your super fund, you can’t claim the deduction yourself—the fund claims it instead.
5. Voluntary super contributions: Boost your nest egg and your refund
Making extra contributions to your super fund before 30 June is a smart move, and it’s tax-deductible as long as you submit a ‘notice of intent’ to your fund.
The concessional contributions cap is currently $30,000, including your employer’s pay.
For those aged 45–49, the average voluntary contribution is $1,500. If you’re in the 32 per cent tax bracket, that could mean a $480 refund.
After the 15 per cent contributions tax, you’ll still see $1,275 added to your super, so you’re winning now and in the future.
How much could you really get back?
Let’s do the maths. If you claim your tax agent’s fee and income protection insurance, you could see your refund boosted by $871.
If you add in voluntary super contributions, work-related subscriptions, and rental property expenses, the total could be even higher.
While these deductions are often overlooked, don’t forget the basics: work-related travel, home office expenses, and self-education costs are all still on the table.
The ATO’s website has a handy guide, and if you’re ever in doubt, a registered tax agent can help you navigate the rules.
While claiming everything you can is tempting, the ATO is cracking down on dodgy deductions. Ensure you have receipts, can justify your claims, and only claim what you’re entitled to. It’s always best to check with a professional if you’re unsure.
Have you ever discovered a deduction you didn’t know about? Or maybe you’ve got a tax tip to share? We’d love to hear your stories, questions, and advice in the comments below.
Also read: ATO alert: How to keep your $1,537 safe from tax scammers
That’s why I have mine done through a Tax Agent, and have for many years, and I do it in October, so that ALL my information is available and it gets done quickly, a refund within weeks or if I have to pay, I have until the end of March to pay it !!