Can I claim my own labour on my tax?

Have you ever worked in your own business not getting paid or done a number of unpaid hours on your rental property and then thought “I might claim my labour as an expense for doing this”?

Or have you ever actually included a cost for your labour as an expense in your tax return?

Well bad news! The ATO specifically says you cannot claim your own labour either as an expenses or as to add value to an asset.

And think about it…even if you could, you would then have to declare that amount claimed as income and pay tax on it. So the claim of your labour and the declaration of the same as income would just offset each other anyway.

So, no point really!