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Old Jun 22nd 2013, 10:55 am   #1
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Default Any Tax Deduction tips???

Any tips?
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Old Jun 22nd 2013, 11:15 pm   #2
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Default Re: Any Tax Deduction tips???

You're the accountant, aren't you??
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Old Jun 23rd 2013, 2:36 am   #3
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Default Re: Any Tax Deduction tips???

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You're the accountant, aren't you??
Lol yes but i think i might be missing something lol.
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Old Jun 25th 2013, 4:27 am   #4
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Default Re: Any Tax Deduction tips???

Buy equipment for income generating purposes (eg a PC) before 30th June, 2013 - particularly if you want to make use of the increased $6,500 allowance for the immediate write off of depreciating assets.

Best regards,
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Old Jun 25th 2013, 4:29 am   #5
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Default Re: Any Tax Deduction tips???

Prepay before 30th of June up to 12 months of interest on borrowings used to acquire income generating assets.

Best regards.
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Old Jun 25th 2013, 4:32 am   #6
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Default Re: Any Tax Deduction tips???

Before the end of the tax year pay for any discretionary expenditure on let property - eg insurances, repair costs.

And if you have bought an investment property make sure you have a tax depreciation schedule from a firm such as BMT so you can optimise the allocation of the purchase price in an effort to improve that part of the purchase cost where a depreciation allowance can be claimed:
http://www.bmtqs.com.au/tax-deprecia...?company=gmtax

Best regards.
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Old Jun 25th 2013, 6:25 am   #7
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Default Re: Any Tax Deduction tips???

Quote:
Originally Posted by Alan Collett View Post
Buy equipment for income generating purposes (eg a PC) before 30th June, 2013 - particularly if you want to make use of the increased $6,500 allowance for the immediate write off of depreciating assets.

Best regards,
Hi Alan

Are you a tax agent as well as a migration agent? We've just moved to Melbourne from Darwin and will need an agent who is up with the UK side as well as the Australian side as we have properties in both countries x Hubby is in ADF.
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Old Jun 25th 2013, 7:22 am   #8
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Default Re: Any Tax Deduction tips???

Hi Gillian!

Yes, I'm a registered tax agent too.

Maybe send an email (preferred) or a PM to me with your contact details? Click on my name to the left of this post.

Best regards.
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Old Jun 25th 2013, 10:33 am   #9
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Default Re: Any Tax Deduction tips???

Thanks Alan. Also in terms of depreciation it may be good to apply for a PAYG variation so you get more take home salary and not wait for the tax refund.
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Old Jun 25th 2013, 12:57 pm   #10
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Default Re: Any Tax Deduction tips???

Quote:
Originally Posted by commonwealth View Post
Lol yes but i think i might be missing something lol.
Don't forget to claim a deduction for an accountant doing your return
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Old Jun 25th 2013, 1:11 pm   #11
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Default Re: Any Tax Deduction tips???

Quote:
Originally Posted by spouse of scouse View Post
Don't forget to claim a deduction for an accountant doing your return
no need to pay an accountant to do to it for me, because i am an accountant lol. deductions if they are unnecessary expenses only reduces your outlay to the extent of the tax portion.

e.g. if i pay a tax agent $100 (unnecessary for me) and my marginal tax rate is 30% i am still $70 worse off. however if i pay $100 for essential investment property repairs, i am $30 better off. if you get what i mean.
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Old Jun 25th 2013, 1:20 pm   #12
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Default Re: Any Tax Deduction tips???

Quote:
Originally Posted by commonwealth View Post
no need to pay an accountant to do to it for me, because i am an accountant lol. deductions if they are unnecessary expenses only reduces your outlay to the extent of the tax portion.

e.g. if i pay a tax agent $100 (unnecessary for me) and my marginal tax rate is 30% i am still $70 worse off. however if i pay $100 for essential investment property repairs, i am $30 better off. if you get what i mean.
Had to read it a couple of times, but I get it now I knew you were an accountant, I thought you might be able to pay yourself and then claim a deduction
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Old Jun 26th 2013, 2:56 am   #13
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Default Re: Any Tax Deduction tips???

Quote:
Originally Posted by spouse of scouse View Post
Had to read it a couple of times, but I get it now I knew you were an accountant, I thought you might be able to pay yourself and then claim a deduction
If i pay myself i need to declare that as income. So its a zero sum thing.
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Old Jun 26th 2013, 3:06 am   #14
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Default Re: Any Tax Deduction tips???

Quote:
Originally Posted by commonwealth View Post
If i pay myself i need to declare that as income. So its a zero sum thing.
In that case, I don't have any tax deduction tips for you. If you have any for me, please let me know Manager, local government, been on sick leave for months, can't claim a blessed thing
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Old Jun 26th 2013, 7:46 am   #15
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Default Re: Any Tax Deduction tips???

Last year it was worth paying your annual health insurance subscription in advance as the tax rebate levels were dropping. Is there any advantage to paying your year in advance by June 30 (i.e. rather than paying monthly)?
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