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tax write-offs!

Discussion in 'General Motorcycling Discussion' started by slyfox, Jul 5, 2005.

  1. well it's that time of year again, the end of the financial year where you pray for a decent refund to pay bills, or ignore bills and buy toys (that would be my case.)

    before i lodge my return i'm trying to think of things you can legally claim ie donations to registered charities.

    can anyone think of some main ones worth remembering, and more importantly the ones you don’t have to provide receipts for? i believe you can claim up to $300 of work related costs (uniforms etc) and some transport costs, parking i think is one (though i don’t know if there is a thresh hold that if you pass then you require receipts. (I am far to disorganised/lazy to keep such paperwork.)

    anyone want to help out the wider netrider community with some basic tax knowledge? it’s for a good cause, more money towards riding goodies for everyone
    :D :biker:
  2. Keep all receipts
    You can claim upto $300 without receipts. TOTAL on the return.
    Think of anything you have bought for work, claim it back.
    Home Computer ? Depreicate it
    Mobile Phone for work ? Depreciate it

    etc etc etc etc.... Find an Accountant as a friend (they need friends :)) and get them to help you.

    ITP etc etc are going to do a stock standard return and not try too hard....thats why its a standard charge...
  3. Out of my league i'm afraid . Although i do know we will get a sizable return from our buisness for 1st year start up running costs. But im not allowed any new toys with it :cry: :cry:
  4. Many variables, are you in business or PAYG as it makes a difference! Tax agents fee's are claimable in next years return. Don't expect anyone to give for free what is how they earn their living unless you intend to do the saame!
  5. If you have a creative accountant then everything is tax deductable :D

  6. I claim netrider as a dependant.
    when i was asked to justify it , i let my accountant read some of the posts .
    he recons 70% of netriders have some for of disability so he approved it :LOL: :LOL:
  7. Then in that case , since Nicky is married to you she will get a fortune :LOL: .
  8. Don't tell me about concentration camps, starvation in Africa, landmines or natural disasters.

    Getting your tax return done properly is now the worst method of torture that any government has ever invented.

    So just for the average Joe . . .

    Did you earn or receive any of the following:
    Wage or salary?
    Centrelink payment?
    Rental income?
    Interest or dividends?
    Partnership or trust distribution?
    Any other income items?

    Motor vehicle?
    Subscriptions or memberships?
    Any other expenses related to your income?

    Other friggin issues:
    Capital gains or losses> sell any shares/property/other items?
    Medical expenses> more than 1.5K excluding private health insurance premiums?
    PAYGI > pay any tax instalments during the year?
    HECS> do you have a HECS debt?

    YES to any of the above ? then provide all the details, dates and amounts.

    Forms, paperwork and lots of fine print, what fun.

    Meanwhile back at Corporate HQ with teams of tax law experts and CPA’s at the ready, the ATO this year has given corporations the gift of the adoption of IFRS accounting principles,
    Where the new rules are the perfect camouflage for the odd profits warning or write- downs….blame it all on the IFRS….no one will know.

    But you Mr Average Joe, you better get your sh!t right, and on time. And don’t forget to sign your accountant’s disclaimer so you are liable for whatever he lodges on your behalf.
  9. wotta pissa :LOL:
  10. wot do u mean by depreciate it?
    thats one term ive neva got me head around

    i have multiple properties & when my accountant does
    my tax each year, thats one term he uses alot.. but f*cked
    if i know wot he's on about :LOL:

    should pull my finger out & c if i can fond out online..
    should be able to find it somewhere

    im finking y he's always wanting 2 depreciate my shit :LOL:
  11. Well this does not help you, but getting a PC a day before the end of the year means you get a third back in a few weeks when my forms go in :p :p :p

    Cheers 8)
  12. Call up your old school (if they haven't called you already) and ask if they have a tax deductible building fund or such like. They'll love it.
    Whatto, Pip, pip, Tally Ho!
  13. Perhaps you could claim travel to and from your accountant and/or financial adviser.
  14. I loves my accountant. I really cbf doing tax myself so i ship it off to her. I just got my tax return estimate back from when i sent my 03-04 financial year tax to her, $1200 yipee. But then theres the $250 they suck out of ya for doing it for ya.
    Not that i see any of the damn money, it goes straight into creditcard :(

    Whats the best return you joe bloggs' have got, not including large corporate dudes with money burning holes in your pockets?
  15. You may have been buying the Financial Review from a newstand every other day. At $2.50 a throw, that'll add up nicely. :)
  16. While it is not really a tax write-off, I've used the e-tax software provided by the tax office the past few years to do my forms. I find it much better than the paper based forms (if you do it yourself) as it gives relatively clear examples of what you can and can't, should and shouldn't include in each category. I don't recall seeing things where you can depreciate the values of any of your assets (but I don't own much that depreciates so I don't worry about it). Using this software to lodge your return also gets your return back in under 2 weeks (last year it took 5 days for me to get my return $ in the bank).

    On a related note you can do a quick estimate of your return by using http://tiny.pl/h389 .
  17. Simple. You have a computer, right? You use it 50% for work/checking on you investments blah blah. It cost say $2000.
    After one year it's worth less than it was when it was new. It's depreciated.
    I think the rate of depreciation for computers accepted by the tax office is about 30%?
    It's now worth $1,400, so you've lost $600 in value in the first year. Half of that is for work, so you can claim a deduction of $300. Next year, you lose 30% of $1,400 and so on.
    This applies to Capital Expenditure (ie. items that have an ongoing value), not consumables (which are fully deductible).
    Depreciation for items relating to real estate (usually only things that wear out like carpet, hot water service etc.) is generallly at a lesser rate than this, but you're accountant would know.
    Just be aware that you need to be able to prove that you are making more money (or would not be able to make make money if you didn't have it) from the items you claim for.
    Am I right, all you accountants?
  18. I've been told (but have never confirmed), that you cannot claim travel expenses for a motorcycle. Anyone know if this is true?

    (although I also heard it is possible for motorcycle couriers to do so).
  19. Prolly not if you are travelling from home to work or vice versa, but I'd imagine it work be legitimate for business to business.
  20. Last year I could claim (as a work expense, since I'm working + studying in the same industry) fuel + wear on my bike between my office and uni, and the return trip if I went via the office. Had to show timetables to my accountant as proof. Also site + consultants meetings. The rate is based on the number of cylinders in your vehicle and the km's travelled, not the type of vehicle.