list tax deductions (1 Viewer)

[mserica]

You can claim any of the following to reduce your taxable income.
Work related expenses
Self-education expenses
travel expenses
car expenses
gifts and donations
work clothing expenses


If you visit http://www.ato.gov.au/individuals/pathway.asp?pc=001/002/013/009/007&mnu=1189&st=&cy=1&mfp=001/002 that will give you a detailed Yes and No Claim list.

Hope that helps!!

 

[glycerine]

oooh i give amnesty international like $35/month....does that mean i can claim it all back?? score

 

[Minai]

You can claim any of the following to reduce your taxable income.
Work related expenses
Self-education expenses
travel expenses
car expenses
gifts and donations
work clothing expenses


If you visit http://www.ato.gov.au/individuals/pathway.asp?pc=001/002/013/009/007&mnu=1189&st=&cy=1&mfp=001/002 that will give you a detailed Yes and No Claim list.

Hope that helps!!

You have to be careful however, because you can only claim most of those things back if they were "expenses incurred in the course of producing ordinary income" (ie, you incurred those expenses as a result of doing your job)

 

[fillstar]

My colleague was ex-ATO and they can audit anyone so don't assume they will only go for people with large incomes.

They have profiles of the average deductions/income/salaries for each industry on their database so any tax return with abnormal deductions etc will be raised as an item of concern.

 

[loquasagacious]

Well then is ~$300 of deductions reasonable for someone who works in retail and made ~$17,000?

 

[Adrian.]

So you can't be caught if you lie (i.e. have no real deductions) but claim say $286.35 in deductions? I've just got to come up with something to say I bought now. Could I claim my uniform and it's cleaning costs (even though I don't have a uniform)?

 

[Adrian.]

Just pay your fucking taxes you cheap bastard.

I wouldn't mind if they were spent properly, that is not for this thread though.

 

[perfectionist]

oooh i give amnesty international like $35/month....does that mean i can claim it all back?? score

Yes you can deduct gifts and donations - but hey its good to have receipts. Well I would gather that since you donate per month they probably send a Statement at the end of the Financial Year listing the payments you made and the total.

So yeah, it is deductible.

 

[AppleXY]

Isn't Depreciation of Non-current assets and other negative ammorizations for business (work) purposes, a tax deduction?

 

[perfectionist]

Isn't Depreciation of Non-current assets and other negative ammorizations for business (work) purposes, a tax deduction?

Yes depreciation of non-current assets is a tax deduction as long as the asset is used in the production of income - for business or work purposes. For example you buy a laptop, you use it for work as well as private purposes. You can apportion the depreciation.

Not sure about "negative ammortisation for business".

 

[AppleXY]

I mean negative ammorizations by Negative Gearing, borrowing funds to purchase an asset where the interest is greater than the income, therefore creating a tax deduction... i just checkin if that was tru or not.

 

[velox]

pretty sure you can do that. basically negative gearing.

 

[perfectionist]

I mean negative ammorizations by Negative Gearing, borrowing funds to purchase an asset where the interest is greater than the income, therefore creating a tax deduction... i just checkin if that was tru or not.

DEPENDS if the asset is being used in an income producing activity.

For example, you borrow money/mortgage and buy a property with it. You rent that property out, and as a result you earn income on it. So the expenses incurred in gaining that income are deductible. Such as you may buy pots and plants for example for that property while its rented out, and you place them there - so such expenses are taken as incurred while producing income. Same is applicable to any interest expense.

Yes negative gearing would result when expenses on the property would be more than the income you are generating.

Hope it makes sense.

 

[AppleXY]

Ahh, yea.. all the expendiure used to generate revenue will be deducted.

lol... it wud be hard to apportion the depreciation of a work/personal asset, wouldn't it? It wud use incredible amounts of estimation

 

[turtleface]

i just claim up to the threshold that you don't need receipts for

 

[perfectionist]

Ahh, yea.. all the expendiure used to generate revenue will be deducted.

lol... it wud be hard to apportion the depreciation of a work/personal asset, wouldn't it? It wud use incredible amounts of estimation

Not too sure about that :$ i.e. extent of appropriation.

I would think it's just an estimate - based on how much time you spend using it personally. Say a laptop - if you are at work all day, and bring it home in the evening and use it for private purposes - you can probably say you used it 90% for work purposes and 10% for private purposes. Anyway this is just a thought, so don't quote me on that

 

[^CoSMic DoRiS^^]

So you can't be caught if you lie (i.e. have no real deductions) but claim say $286.35 in deductions? I've just got to come up with something to say I bought now. Could I claim my uniform and it's cleaning costs (even though I don't have a uniform)?

I was wondering this as well, if it's $300 without reciepts well how can they expect you to prove anything? Turn up at your front door and demand to see your "uniform"? It sounds like it's basically saying you can get $300 for nothing.

If this is actually the case I am totally making up something to claim for, lol.

Another question: with travel expenses does that cover your train/bus/petrol to and from work or does it have to be travel incurred while on the job i.e. you're a courier or something.

Because if train travel etc counts I won't have to lie about that $300 it'll be more than covered come tax time.