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Lawyers – Maximising your deductions

Lawyers Work-related expenses Did you have expenses relating to your work as an employee? Here is a list of expenses commonly incurred by employee lawyers. You cannot claim costs met by your employer or costs that are reimbursed. Capital allowances You can claim a deduction, called a capital allowance, for the decline in value of equipment used for work. If the equipment is also used for private purposes, you cannot claim a deduction for that part of the decline in value. You cannot claim a deduction if the equipment is supplied by your employer or any other person. Generally, the [...]

Travel agent employees – claiming work-related expenses

Travel agent employees - claiming work-related expenses This summary outlines some of the deductions you can and cannot claim as a travel agent employee. Travel expenses As a travel agent you may undertake travel as part of your work or travel to a range of destinations during your annual leave or educational leave. Travel while on leave is often referred to as educational or familiarisation travel. Therefore, in a general rule: Travel expenses on work travel are deductible and travel expenses on a holiday are not deductible Travel expenses associated with attending conferences, seminars and training courses are usually for [...]

Shop assistants employee – claiming work-related expenses

Shop assistants employee - claiming work-related expenses This summary outlines some of the deductions you can and cannot claim as a shop assistants employee. Capital allowances You can claim a deduction, called a capital allowance, for the decline in value of equipment used for work. Normally, the amount of your deduction depends on the effective life of the equipment. If the equipment is also used for private purposes, you cannot claim a deduction for that part of the decline in value. You cannot claim a deduction if the equipment is supplied by your employer or any other person. Equipment costing [...]

Getting serious with non-lodging SMSFs

ATO getting serious with non-lodging SMSFs If your SMSF has two or more annual returns overdue, your regulation details will be removed from Super Fund Lookup (SFLU). SFLU is ATO's external register that contains publicly available information about SMSFs. Removal of your SMSF details from SFLU means your fund will not be able to receive rollovers or establish new contribution arrangements. Until your lodgments are brought up-to-date your details will not appear on the register. You will be notified in writing if your SMSF details are removed from the register. ATO also reminds APRA funds to check the SMSF details [...]

Sales and marketing manager – claiming work-related expenses

Sales and marketing manager - claiming work-related expenses This summary outlines some of the deductions you can and cannot claim as a sales and marketing manager employee. Daily travel expenses You can claim a deduction for the cost of transporting bulky tools and equipment between home and work if: You need to use them at work There is no secure area for storing them at your workplace You can claim a deduction for the cost of travelling between workplaces on the same day, including: Different workplaces for the same employer Separate places of employment You can claim the cost of [...]

Real estate employees – claiming work-related expenses

Real estate employees - claiming work-related expenses This summary outlines some of the deductions you can and cannot claim as a real estate employee. Daily travel expenses Travel expenses that you claim must directly relate to your work as an employee, including: Car expenses Bridge and road tolls Expenses for motorcycles and vehicles Public transport such as taxi fares Short-term car hire Actual expenses like any petrol, oil and repair cost Parking fees Generally, the cost of normal trips between your home and work is not claimable as an income tax deduction. However, as an employee in the [...]

Pre-CGT asset

Pre-CGT asset What is Pre-CGT asset? The rules for each CGT event also set out certain exemptions, a pre-CGT asset, most CGT events disregard a capital gain or loss arising from a CGT event happening in relation to an asset acquired before 20 September 1985.   Under Income Tax Assessment Act 1997, s149.10, a pre-CGT asset is only if Taxpayer last acquired the asset before 20 September 1985 Taxpayer was not, immediately before the start of the 1998-99 income year, taken under: Acquired assets prior to 20 September 1985 and on or after that date there is a change of 50% [...]

Plumber employees – claiming work-related expenses

Plumber employees - claiming work-related expenses This summary outlines some of the deductions you can and cannot claim as a plumber employee. Firstly, as a plumber you cannot claim a deduction for expenses you incur if those expenses are reimbursed to you by your employer. Secondly, you must keep written evidence, like receipts, for work-related expenses that total amount is more than $300. Even the total amount is less than $300, you still need to ensure all the claims are reasonable without receipts. Transport expenses Any travel expenses you claim must directly relate to your work as an employee. These [...]

Journalists – Work-Related Deductions

Journalists Work-related expenses Did you have expenses relating to your work as an employee? Here is a list of expenses commonly incurred by employee journalists. You cannot claim costs met by your employer or costs that are reimbursed. Capital allowances You can claim a deduction, called a capital allowance, for the decline in value of equipment used for work. If the equipment is also used for private purposes, you cannot claim a deduction for that part of the decline in value. You cannot claim a deduction if the equipment is supplied by your employer or any other person. Generally, the [...]

GST – Food Retailers

GST - Calculation Method for Food Retailers For Food Retailers dealing with buy and sell food in both taxable and GST-free. In order for retailers to calculate the amount of GST they are subjected to pay, ATO has introduced a new method for calculating the GST payable. 5 Methods for retailers to elect one based on their best interest: Business Norms Stock Purchases Snapshot Sales Percentage Purchases Snapshot Before looking into each method, retailers need to identify themselves whether eligible to use this new GST methods. Retailers are eligible if only meet the following requirements: Registered for GST Turnover must [...]

Mining site employees – claiming work-related expenses

Mining site employees - claiming work-related expenses This summary outlines some of the deductions you can and cannot claim as a mining site employee. Car expenses for vehicles under one tonne You cannot claim deductions for your car expenses from home to work even if: you work outside normal business hours you are on call you did minor work-related tasks on the way to work or home you live a long distance from work, or there is no public transport available. Travel from the mine site security checkpoint to the parking area is part of your home to work travel. [...]

Deductions for mechanical, automotive and electrical tradespersons – claiming work-related expenses

Deductions for mechanical, automotive and electrical tradespersons - claiming work-related expenses This summary outlines some of the deductions you can and cannot claim as a mechanical, automotive or electrical tradesperson. Car expenses Home to work travel is only deductible in limited circumstances. Examples include where you: had to carry bulky equipment (heavy tools or machinery) that you used for work and could not leave at work were engaged in itinerant work. Work-related expenses incurred in driving between work sites, making deliveries, undertaking client visits or site inspections, and driving errands while on duty (but not minor errands between home and [...]

Information technology professionals – deductions you may be able to claim

Information technology professionals - deductions you may be able to claim This summary outlines some of the deductions you can and cannot claim as an information technology professional. Car expenses Your home to work travel is not deductible, even if: you do minor work-related tasks while travelling to and from work, such as collecting mail you travel between home and work more than once a day you work outside normal business hours, for example, shift work or overtime you are required to be on call your home is a place of business and you travel directly to a place of [...]

Guards and security employees – claiming work-related expenses

Guards and security employees - claiming work-related expenses This summary outlines some of the deductions you can and cannot claim as a security guard or an employee in the security industry. Car expenses You cannot claim deductions for your car expenses from home to work even if: you work outside normal business hours, for example, shift work or overtime you are on call you did minor work-related tasks on the way to work or home you travel between home and work more than once a day, or there is no public transport available. You can claim deductions for your car [...]

Flight attendants – claiming work-related expenses

Flight attendants - claiming work-related expenses About this guide This guide will help you work out what work-related expenses you can claim a tax deduction for and the conditions you must meet before you can claim if you are a flight attendant or cabin crew member. Work-related daily travel expenses you can claim Travel expenses that you claim must directly relate to your work as an employee. These expenses may include: work-related car expenses expenses for motorcycles and vehicles with a carrying capacity of one tonne or more, or nine or more passengers actual expenses - such as any petrol, [...]