Tax Agent fees are tax deductable for the preparation and handling of your tax return. Registered tax agents are only allowed to charge a fee for preparing and lodging your return. You can also claim travel for each time you visited your tax agent.
Q 12 Can I claim $300 worth of work related expenses ?
You must actually incur the expense before it claimable. However the ATO will not require receipts if the deductions are $300 or less.
Q13 Can I Claim My Childcare Expenses On My Tax Return ?
Child care expenses are not claimable on your tax return. If you are eligible for the child care tax rebate through
Q 14 How Long Do I Need To Keep My Receipts ?
You need to keep all documentary evidence for 5 years from the date of lodgement. Assets that you are depreciating the receipt should be kept until the item is fully depreciated.
Q 15 Can I Claim Seminars And Conference Expenses ?
Costs associated with conferences and seminars are tax deductable providing that they are directly associated with your current work and income producing activities.
Q 16 Can I Salary Sacrifice Money From My Wages Into My Superannuation ?
Payments paid under salary sacrifice arrangements are known as concessional cap payments or contributions. For 2013-2014 the concessional cap contributions have been capped at $25,000.
Q 17 Can I Claim For Child Maintenance Or Child Support That I Pay To My Ex-Spouse For My Children ?
Maintenance payments are not tax deductible.
Q 18 I am starting Up My Business, Do I Have To Register For GST ?
Business of an annual turn over of $75,000 or more are required to be registered for GST. If you earn less you can apply to be registered if you wish. Tax Fig can assist with all your ABN and GST Registrations including lodging your Quarterly BAS Statements.
Q 19 I Have Started A Second Job, Will I Be Taxed More ?
It is important that when you have a second Job that you don't claim the tax free threshold twice, otherwise you will have a significant tax bill at the end of the year.
Q 20 Do I Need a Depreciation Schedule For My Rental Property ?
Quantity surveyors do an excellent job recording and identifying assets in your rental property. The depreciation schedule usually makes up for a large portion of tax deductions for the property. The one off fee paid for the report is tax deductable.