Tax Deductions

Q&A: Allowances and Deductions
By September 3, 2007

Question: I received a laundry allowance from my employer. Does this mean I have been reimbursed and can’t claim a tax deduction for laundry? Answer: Receiving an allowance from your employer (as shown on your payment summary) is not the same as being reimbursed. The allowance is taxable income and ...

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Work Related Expenses Under the Microscope
By June 13, 2007

Last year over 7 million people claimed deductions for work related expenses totalling a whopping $12 billion. The Tax Office has said it will be looking at claims for work-related expenses very closely. For the 2007 tax return, the A.T.O. will be paying particular attention to claims for motor vehicles, ...

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Q & A: Claiming Everyday Bank Fees
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Question: If my pay is made directly by my employer into an everday bank account, can I claim the bank fees and charges associated with that account? Answer: In most cases, the answer will be no. Banks rarely charge for deposits into everday accounts and this would be the only ...

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Investment property tips – depreciation
By June 10, 2007

Wanting to capitalise on the rental property that you own? A lot of people hold rental properties for a two-fold reason: to negative-gear (reduce their current taxable income) and to obtain capital growth from the property in future years. To maximise negative gearing it is advisable to obtain a quantity ...

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Q & A: Can I claim my TAFE fees?
By June 5, 2007

I was asked earlier today a question I often hear: Can I claim my TAFE fees as a tax deduction? The answer really depends on your individual situation. You can claim self-education expenses only if they are directly related to your CURRENT employment (such as a secretary taking a Business ...

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Beware: Common errors in rental property claims
By June 4, 2007

The ATO has stated it will continue to closely scrutinise rental property expense claims for the 2007 income year. Some of the areas of concern identified by the ATO in recent compliance activities include: – Claiming deductions during a period where the property is not genuinely available for rent; – ...

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Forgotten Tax Deduction: Income Protection
By June 3, 2007

While life insurance is not tax deductible, income protection insurance is. Payments are typically made monthly on these policies but can usually be paid up to a year in advance. June is a great time to maximise your tax deductions. If you pay your annual premium now as a lump ...

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