Blog

Money Doesn’t Come Without Guidance ...

CLAIMING DEDUCTIONS FOR MANAGING TAX AFFAIRS

Awesome Image
24
May

You may be thinking of managing your tax affairs. Australian Taxation Office (ATO) will provide you deduction for the costs incurred in the process. You can claim a deduction on expenses, including:

  •  Preparation and lodgement of your tax return and activity statements;
  • Travelling cost related with your tax affairs – for instance, fuel cost or toll fees incurred while visiting a tax accountant asking for advice;
  •  Appealing to the Administrative Appeals Tribunal or courts in relation to your tax affairs;
  •  Attaining an estimation required for a deductible gift or donation of property, or for a deduction for entering into a conservation agreement;
  •  An interest charge which ATO imposes on you.

Expenses in relation to preparation and lodgement of your tax return and activity statements include the costs of:

  • Obtaining tax reference material; 
  • Lodging your tax return through a registered tax agent; 
  • Getting tax advice from a recognised tax adviser; 
  • Dealing with ATO regarding your tax affairs. You generally incur these fees in the year you pay them.  

Comments 0

    Currently, there are no comment.

Login to comment

Latest Posts

Popular Post

We provide the fastest, easiest and most effective online tax return solution

trustedsite