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Property investors to lose out from proposed budget changes

Property investors to lose out from proposed budget changes The 2017 Federal Budget, handed down by Treasurer Scott Morrison on Tuesday night, 9th May at 7:30pm AEST includes proposed changes which will affect residential property investors Australia-wide. The Australian Tax Office (ATO) allows owners of income producing property to claim depreciation deductions for the wear and tear that occurs to a building’s structure and the plant and equipment assets within. The proposed changes relate to the depreciation of plant and equipment assets and the eligibility to claim this deduction. Currently, investors are eligible to claim qualifying plant and equipment depreciation [...]

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, [...]

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 [...]

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