As EOFY approaches, Hnry is sharing the top 10 tax deductions that independent earners didn’t know they could claim, as its research reveals the average sole trader misses out on over $5,500 in unclaimed expenses every year.
Only 64% of sole traders – from contract tradies and nurses, to freelance creatives and wellness professionals – claim all of the business expenses they’re entitled to, with Hnry data revealing 33% are unsure of what they can/can’t claim, and 35% not being bothered with the hassle of financial admin.
To help the nation’s 1.5m sole traders claim the expenses they’re entitled to, and keep their pennies in their pocket, please find below Hnry’s top 10 tax deductions self-employed Aussies didn’t know they could claim – from the broad to the weird and wacky:
- Digital Marketing Tools: Subscriptions for SEO, email marketing, and analytics tools are deductible.
- Virtual Assistants: Expenses related to hiring virtual assistants to help with administrative tasks, customer service, or other business functions.
- Green Business Initiatives: Deductible costs include investments in recycling programs, eco-friendly supplies, etc.
- Promotional Samples: Claim the cost of providing product samples to potential clients/customers as a marketing expense.
- Ergonomic Office Items: Claim ergonomic furniture/equipment costs for a productive workspace.
- Niche Subscriptions: Deduct membership fees for industry-specific/professional associations.
- Music: Claim music subscriptions/equipment costs for business environments like cafes or retail stores.
- Professional Photography: Claim photography expenses for professional headshots and promotional materials.
- Sun Protection: Deduct sun protection items’ (hats, sunglasses, sunscreen) costs for outdoor workers like tradespeople, farmers, etc.
- Income Protection Insurance: Premiums may be tax deductible, offering financial security if you’re unable to work due to illness or injury.