Income Tax Return

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Furnish your pockets with the funds claimed from tax depreciation

Furnish your pockets with the funds claimed from depreciation Often property investors rent out their property fully furnished. Depreciating furniture can add thousands of dollars to the owners depreciation claim. The below table provides an example of the difference that claiming depreciation on a $16,000 furniture package could make to an investor who purchased a two bedroom two bathroom unit: It is important that a specialist Quantity Surveyor prepares a tax depreciation schedule for an investment property before the owner lodges their tax return. A Quantity Surveyor will carry out an inspection on the property to identify more plant and [...]

Depreciation for renovations made easy

Investment property owners often miss out on thousands of dollars due to two main reasons: They don’t know what depreciation entitlements they can claim for renovations or refurbishments to their investment property They don’t use a qualified Quantity Surveyor to prepare a tax depreciation schedule Follow the steps below to ensure your tax depreciation schedule is right the first time around. Understand scrapping Scrapping refers to the removal and disposal of any potentially depreciable asset from an investment property. When worn or old assets (like carpet and hot water systems) are replaced and scrapped, the owner of the property may [...]

Deductions for Specific Industries

Introduction to Deductions When completing your tax return, you're entitled to claim deductions for some expenses depending on employee industries, most of which are directly related to earning your income. To claim a work-related deduction: you must have spent the money yourself and weren't reimbursed it must be related to your job you must have a record to prove it (there are some limited exceptions) If the expense was for both work and private purposes, you can only claim a deduction for the work-related portion Deductions you can claim for Specific Industries In order to get the best Tax Refund, [...]

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 [...]

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 [...]

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, [...]

Engineer – claiming work-related expenses

Engineer – claiming work-related expenses Overview If you are an employee engineer, this information outlines some of the deductions you may be able to claim. Work-related daily travel expenses you can claim Generally, the cost of normal trips between your home and work is a private expense you cannot claim an income tax deduction for. However, as an employee engineer, there are certain situations where you may be able to claim deductions for travel between your home and workplace. Transporting bulky tools and equipment You can claim the cost of using your car to travel between your home and work [...]

Electricians – claiming work-related expenses

Electricians – claiming work-related expenses Overview When you can make a claim In most situations, you can claim deductions for work-related expenses if your claim meets all of the following conditions: you incurred the expense in doing your job the expense is not private – for example, travel to and from work, and most meals you can show you incurred the expense by producing receipts or other written evidence unless an exception applies. However, there are some instances where you have to meet other conditions, some of which are mentioned below. Claim the correct amount for the year You must [...]

Earthmoving plant operators – claiming work-related expenses

Earthmoving plant operators – claiming work-related expenses Overview 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 operate a plant to: excavate earth, ore and rock break up pavement, road rock and obstructions move and load earth, rock and debris level, smooth and compact surfaces. The guide looks at: motor vehicle expenses, including car lease payments travel expenses and associated allowances uniform, occupation-specific or protective clothing, including laundry and dry-cleaning expenses other expenses, such as meals, phone, mobile and computer [...]

Building and construction employees – claiming work-related expenses

Building and construction employees - claiming work-related expenses Work-related 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, oil and repair costs if you travel in a car that is owned or leased by someone else public transport – including taxi fares bridge and road tolls parking fees short-term car hire. Generally, the cost of normal trips [...]

Australian Defence Force members – claiming work-related expenses

Australian Defence Force members - claiming work-related expenses Allowances The following allowances are commonly received by Defence Force members to recognise expenses that you may incur in doing your job. Income tax applies to these allowances and, depending on your individual circumstances, you may be able to claim a deduction for expenses, for: flying allowance language proficiency allowance special action forces allowance uniform maintenance allowance vehicle allowance. The following allowances are commonly received by Defence Force members for work that may be considered special or dangerous, in recognition of holding special skills, or to compensate for working conditions. [...]