AMA - Round Two - Tax and Tax Return Questions - Ask Me Anything - GO!

Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 09:15
Last edited 05/07/2017 - 10:20 by 2 other users

Edit % June 2017

I have now closed this thread.

I will think about posting a third round on the last week of June depending on how many people want me to do it.

I will be ready to prepare everyone's 2017 returns in July. I look forward to hearing from you.

For everyone else, thank you for participating and I hope you appreciated our answers.

Hi All,

I did a tax AMA a few weeks ago and got an overwhelming response (close to 700 replies).

I am going to do another one that will go from today 31 May to Sunday 4th June.

If you have any tax or tax related questions then ask below and I will do my best to get back to you as soon as possible.

Disclaimer: Any advice or answers given will be general in nature and you may need to speak to a tax adviser for more personalised advice.

P.S Please see my previous forum post as we tried to avoid duplicate questions.

I will reply to this thread with a link to the previous post.

Look forward to answering all your tax queries.

Lets do this!

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closed Comments

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:17

          It should be fine, its only about $200 total right? Not big enough to make a difference to the ATO anyway so go ahead :)

  • Halc on 31/05/2017 - 18:31

    not related to EOFY but any tips would be much appreciated.

    when assessing eligibility for pension, if you live in your home and build a granny flat out the back which returns a rent less than the rate for income test, is the granny flat assessed as an asset?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:08

      Probably something to ask centrelink but I would assume so.

  • astroe on 31/05/2017 - 18:34

    If I have a 4 bedroom home and rent out 3 of the rooms, how do I calculate the percentage for any expenses incurred for the property?
    Is it simply 75% or based off rented area, etc.

    What can I claim? i.e. internet, shared groceries like toilet paper and washing liquid?
    TV / couch in the common area?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:16

      You can't claim groceries or toilet paper.

      You are better off sitting with your accountant and discussing exactly what you can claim as it is a long list. Pretty much things related to the actual property you can claim a portion of (electricity, water, etc) however you can't claim private stuff such as food.

      • astroe on 01/06/2017 - 10:08

        Thank you for your reply. That's fair enough, haha.

        What about an example like if I install an air conditioner to a common living area room vs. installing one in the tenant's exclusive bedroom?

        And just to clarify, would it be a simple 75% (as there are 3 out of 4 occupants as tenants) or would I need to calculate square metreage etc.

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 01/06/2017 - 10:11

          The percentage calculation is up to you in what you deem is reasonable.

          Remember if you own this home and it is your PPOR you will lose the full exemption when you sell it.

          If the airconditioner is installed in the tenant's bedroom then it is used exclusively for rental purposes, you can depreciate the entire cost (you still can't deduct the cost of the entire airconditioner the first year, it must be depreciated over the effective life)

        • virhlpool on 03/06/2017 - 16:32

          @nicolemcmilllon:

          Remember if you own this home and it is your PPOR you will lose the full exemption when you sell it.

          Isn't depreciation deduction possible only on investment property? How can it be even claimed if it is his PPOR? Also, by 'losing full exemption' do you mean 'adding to the base cost of the house'?

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 03/06/2017 - 20:27

          @virhlpool:

          The question clearly states that they are renting out part of their home I assume that they are also living in it with them hence why it is their PPOR.

          By renting out part of their home, then it becomes partly an investment property.

          No i dont mean adding tot he cost base of the house. Losing full exemption means part of the capital gain derived will be assessable.

        • virhlpool on 03/06/2017 - 22:48

          @nicolemcmilllon:

          Thanks. Understood. 'Investment Property' portion will have the capital gain assessable while 'PPOR' potion will have it exempt.

  • 2wheels on 31/05/2017 - 18:43

    Hi Nicole,

    If I do a short course related to my job (IT/Marketing) and pay for it before June, 30 and it costs say $2,000 - approx. how much will I be able to claim back?

    Also with my office job there don't seem to be any deductions that I can claim, is it worth seeing a tax accountant for my tax return or should I just do it myself?

    Thanks in advance.

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:13

      If the course relates to your job and you pay for it before June you should be able to claim the entire thing. The amount of refund you will get will depend on your tax rate.

      Most office jobs don't have deductions. However an accountant will usually know the right amount of internet, phone and some home office expenses to deduct for you.

      PM me if you would like someone to prepare your return.

  • Heracles26 on 31/05/2017 - 18:46

    I need a new work phone. If I purchase it now, can I hold off claiming it till next financial year? Or do I get the most benefit by claiming it the financial year I purchased it?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:14

      It will be depreciated over 2 full years. Meaning if you buy it now, the depreciation will only be one month (1 month out of 48) this year, then 12 months next year then 11 months the year after.

  • canuckinoz on 31/05/2017 - 19:02

    Hi,
    I use my personal car for work related purposes and keep a log book to record kms. I drive 300kms per week for work. Is it better (for tax) to lease or own a car in this scenario? I am in the 37% income tax bracket.

    Thank you!!

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:15

      Do these kms include driving to and from work? That is not work purposes.

      • canuckinoz on 31/05/2017 - 20:58

        No, 300kms do not include travel to and from work.

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 21:01

          Ok wow that is a lot of travelling from work to other work sites.

          Owning or leasing a car is not much difference in terms of tax. So do the one that is better for you.

          Ask your work if they can salary sacrifice into a novated lease. There are companies that specialise in novated leases.

  • shap08 on 31/05/2017 - 19:12

    Hey Nicole
    I am a registered nurse. I have a few questions. I salary package 9k aprox. Net income in 60-70k. I have a HECS debt. I have informed my payroll to withhold an extra 150$ for tax. I did this because salary packaging makes my taxable income higher on my hecs. Is this so?
    Will I get that extra tax paid back without losing 32.5cents to every dollar? Also what is Reportable Fringe Benefits and how does that affect me?
    What are some rarely claimed nursing deductions?
    Cheers

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:20

      Its hard to explain on here but your HECS calculation is done on the basis that you never did salary packaging however work withholds based on the salary sacrifice.

      So when it comes to work out HECS at the end of the year, they work it out based on your 80k income whilst your work has withheld on your 70k income. Thats why you will most likely have a little extra to pay at year end. No big deal, its better than paying it throughout the year at least you get to use it during the year and pay them back later :)

      Your deductions are whatever you need to spend for work which they don't pay for, which is in all likelyhood nothing at all. You can claim the cost of laundry for your nurse uniform. You are the only one who knows what expenses you incur.

    • sween64 on 01/06/2017 - 14:19

      I'm sure you know the common nursing deductions: stethoscope, union fees, watch etc.

  • jingy on 31/05/2017 - 19:20

    Hi,
    I'm a uni student with youth allowance and I work part time. With the two sources together I think I'm a little over the tax threshold.
    Is there anything I can claim back like study equipment, textbooks, travel fare, uniform, etc. ?
    Thanks

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:31

      What kind of job do you have?

      Do you have an accountant?

      How much over the $18,200 threshold do you think you will be?

      • jingy on 31/05/2017 - 20:09

        I work in retail, normally I get under 18k so I just lodge it myself and get the tax paid back but this year I picked up a few extra shifts during X-mas and will probably be around 3000 over, maybe more depending on June shifts.
        I've looked it up and uniform without logos aren't counted and neither are commutes to and from work.
        Mainly asking about things from uni I may be able to deduct.
        Thanks for your quick reply!

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 20:12

          Not from uni.

          If you're only going to be 3,000 over the tax won't be that much anyway you will be fine.

  • grabngo on 31/05/2017 - 19:24

    Thanks for the free advice.
    My question has 2 parts to it.
    I have a company that makes approx $120k net.
    I am thinking of getting rid of the company car and buying a personal car as the costs incurred are too much.
    I believe that i can claim 5000km a year with no issues.
    My question is that is this the right thing to do as I want to draw a larger salary to buy an investment property?
    Essentially,I want to cut the expenses down so that I can earn more and would be able to borrow more.

    Part 2.
    I dont have too much of super.
    i do have some extra money lying around.
    Is it better for me to then salary sacrifice and put some money into super as when i retire that money will be tax free?
    PS We are also thinking that we may buy a property using the super money we would have in a few years?
    Would I be smart in putting the money in super rather than keeping in an my access account?

    Once again,thanks for the help.
    We all love a freeby !

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:30

      Bear in mind the 5,000km only gives you a 3,300 deduction.
      Obviously higher salaries mean higher taxes.

      How old are you? That can help me with the super query

      • grabngo on 31/05/2017 - 19:35

        45

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:50

          The concessional contributions cap is $25,000 from 1 July 2017. Remember the 9.5% super guarantee your employer contributes is counted towards this cap.

          I can't advise you on what to contribute but I can give you facts on the tax law.

          You will not be able to access your funds for nearly 2 decades. This is usually a big red flag for those wanting to contribute.

          Do you have an SMSF? What is your current super balance? and your wife's?

        • grabngo on 31/05/2017 - 19:52

          @nicolemcmilllon:

          we dont have a smsf
          I do realise that there are costs incurred in creating a smsf
          super is approx 60 for me and 40 for the mrs.

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 20:04

          @grabngo:

          probably not enough to start an smsf at the moment in my personal (not professional opinion).

          Also with super the rules are constantly changing so it may be difficult to plan ahead 20 years.

  • grabngo on 31/05/2017 - 19:35

    45

  • lainey13 on 31/05/2017 - 19:38

    Curious as to your thoughts on the odds of being audited. Will everyone be audited at least once? How many years do they go back? At what levels would you consider safe for people to claim/earn/etc that would not raise red flags?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:48

      You should only claim the expenses you incur that are deductible regardless of how high or low they are.

      • lainey13 on 31/05/2017 - 21:37

        Thinking more how many years of paper work do I need to keep, and how stringent should I be in keeping how I calculated my expenses

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 21:45
          +1

          Could be as simple as keeping one excel spreadsheet tab for each year. Listing the date and amount of invoice, then either keeping allt he receipts in one plastic sleeve or scanning them and just keeping them in the one folder. Its not difficult once you have your set system in place.

        • sween64 on 01/06/2017 - 14:22
          +1

          Or a jacket for each year.

  • kks on 31/05/2017 - 19:39

    Hi Nicole,

    I recently brought a property, how long would I have to move into it before moving back out for it to be considered my PPOR so I don't get capital gains tax once I convert it to an investment property?

    Thanks

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:47

      Did you move into it from when you first bought it?

      You have 6 years.

      However this is contingent on the fact that you do not move into another PPOR and you have no other PPOR during those 6 years.

  • cmdhit on 31/05/2017 - 19:40

    Thanks for doing this!
    I have a permanent position job, but also do casual work - extra in films/TV;
    can i claim work expenses for casual work? eg. clothing when they put in email that they want us to wear a suit/specific item of clothing? Is there a way to claim or start a wardrobe as capital or would it be better off to claim the cleaning expense of the item for the job?
    bag to carry clothing/wardrobe (is given deduction)? parking (clarification) could be expense if between work and work?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:45

      No unfortunately clothing will all be private in nature unless it has the log of the place you are working, example McDonalds, and then in most situations you will be given the uniform to wear.

      You can claim the cost of a bag to carry our clothing in as well as transport between one job and another.

    • techboy on 01/06/2017 - 14:23

      Have a read of this for your acting job:

      https://www.ato.gov.au/Forms/Performing-artists-2014-15/

  • Dabbler68 on 31/05/2017 - 20:01

    About 10 years ago I received some advice from a CGT specialist at ATO that I found quite surprising. I am wondering if this was valid, and still applies.

    I had a property that I purchased for investment and rented it out. 18 months later I sold my PPOR and moved into the investment property, which then became my PPOR. I sold this 2 years later. The telephone advice from ATO was that expenses (such as interest) that were incurred during the 2 years it was my principal residence could be added to the cost base whem calculating CGT on the sale. In essence, he said that anything that would be validly deductable while rented out could be applied to the cost base for the period it was PPOR. Similarly, capital costs at any time could be added to the cost base (e.g. new carpets after I moved in).

    I did my tax return using this principle but was never questioned on it. I now find it difficult to justify how this would be valid. Any comments?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 20:03

      Its a bit more complex that that but essentially the interest that was not deductible at the time you lived in it will be added on to the cost base because the interest was incurred to purchase the property.

      The cost base may then need to be adjusted due to the PPOR exemption circumstances but effectively you are correct.

  • ruriruri on 31/05/2017 - 20:13

    So if I am going to make a YouTube channel and I won't get any income until a certain views. Can I claim the expenses for the creation of the channel before YouTube pays? Are the items I bought fully deductible if I am reviewing those items?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 20:16

      if there is no income then there is no need to claim expenses. you can claim these expenses in anticipation of income, but can't offset these expenses against your employment income away from your youtube business.

  • jamball on 31/05/2017 - 20:28

    I'm a communications advisor for the government. What kind of tax deductions can I claim?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 20:32

      It depends on what expenses you have incurred in the course of your employment. Considering its the government I would assume they generally pay for anything you need.

      • jamball on 31/05/2017 - 20:34
        +1

        They do indeed. Thanks for confirming what I thought :)

  • johndoe789 on 31/05/2017 - 20:47

    Is the ATO still clamping down on "wash sales"? Even if its a positive capital gains tax event?

    Also how far can I carry capital losses forward into the future?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 20:55

      ATO is always clamping down on wash sales.

      Losses are carried forward indefinitely until you make a capital gain.

  • Geethanks on 31/05/2017 - 21:08

    Hello there! What are the tax implications of buying shares overseas (namely, the US and Hong Kong) in relations to capital gains tax and tax on dividends collected. Do capital gains tax concessions apply when I hold these international shares for over a year. Thanks!

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 21:10

      As an Australian resident for tax purposes it doesnt matter where the shares are purchased the capital gains rules are the same. You will still get the 50% discount if you hold it for longer than 12 months :)

  • wty707 on 31/05/2017 - 21:29

    I've recently set up a discretionary trust - I'm the trustee and myself and my two parents are beneficiaries. Both of my parents are retired and have no taxable income apart from dividends from some shares held in one of their names which keeps them well below the tax free threshold/whatever the extra offsets they get for being retired are. I'm thinking of getting them to make an off-market transfer of a certain amount of shares each year into the trust for "asset protection" purposes with an ancillary benefit of recognising capital gains in their names now while they aren't paying tax.

    Firstly, is this likely to get caught by part iv a or any other similar provisions? Secondly, if yes is it too small fry for the ATO to care? Thirdly, how much income can each of them actually recognise before paying tax including seniors offset?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 21:50

      To keep it simple, keep their taxable income under $18,200 each year and the ATO will be fine they won't worry about Part IVA as they can sell it to the trust for whatever reason they wish.

      1. The trust will have to have money if you want the trust to buy it rather than capital contributed to the trust.

      2. More importantly, you should look at opening a company to be the trustee as your personal assets are at risk as the trustee. I can't stress this enough. The cost of a company trustee is approx $1,500 to set up but the peace of mind is worth much much more.

      • wty707 on 31/05/2017 - 23:19

        Aren't I looking at ongoing compliance costs with a company as trustee? Preparation of accounts, etc.?

        In terms of taxable income below $18,200, this could be difficult. The parent with the shares is already receiving about $12k of taxable income from the dividends and they want to keep getting their franking credits fully refunded. Isn't there an old persons offset I can tap into? Otherwise it's going to be a very slow process as I transfer across $10k of shares each year

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 23:25

          The compliance costs with a company trustee are the same as an individual trustee (apart from setting up the company trustee which is about $1,500 more. As an individual trustee (which i would never ever ever recommend) your personal assets are at risk as the trustee.

          If im not mistaken, if they are both eligible for the senior and pensoiner tax offset their combined income can be something around $57,000 without having to pay tax.

  • AndyRates on 31/05/2017 - 22:05

    Can I claim the cost of my motor vehicle as depreciation if my job is a independent contractor and I am driving to and from the clients premises? Do I proportion as per the percentage of personal and work use?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 22:06

      There are two methods to claim motor vehicle depreciation.

      1. Cents per km

      2. Log book method.

      Probably best to give your accountants figures and they can let you know what the best method is for you.

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 22:07

      Duplicate message

  • AnotherCheapo on 31/05/2017 - 22:12

    Hi there,

    Say I'm renting out a room to a friend at market price, what's a reasonable percentage of deductions I can claim?

    Say it's a 3 bedroom house, me and my partner sleeps in one bedroom and the friend sleeps in another one. Everything other room in the house is shared. (70% of the floor space is shared).

    Would 50% be a reasonable allocation?

    Cheers.

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 22:16

      Sure

  • AnotherCheapo on 31/05/2017 - 22:13

    Hi another question,

    Say I buy a $2000 laptop that I exclusively use for work.

    Can I claim the full $2000 as an expense or do i need to depreciate it?

    Cheers.

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 22:16

      duplicate

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 22:18

      Needs to be depreciated over its effective life unless you are a small business.

  • magikz on 31/05/2017 - 22:18

    Hi there!

    I work for a tech startup and have to use my own laptop, and also get some work at home days per week. Can I claim depreciation on my laptop? How is this calculated? As for my work from home days, can I claim a portion of my electricity, internet, water, gas bills on it? Say I work 10 out of 30 days in a month from home. Can I claim 1/3 deductions on these?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 22:20

      No.

      Electricity, internet, gas, telephone yes. Not water

      You can claim a portion. For example 15% of electricity is for the home office. then you would do 10 out of 30 days which is 1/3 then you would do 15% of 1/3. As you can see its not very much.

  • STRAPIFY Watch Strap on 31/05/2017 - 22:21

    Thanks Nicole,

    I've sent you a PM with some questions.

  • magikz on 31/05/2017 - 22:24

    I work full time but I also have an ABN as a sole trader. Eventually I want to start up my own start-up. Say I am buying things like digital art, software, domain names in preparation for this. Can I claim these as deductions? I also use the ABN to freelance for a few jobs and have issued a few invoices too.

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 22:28

      if they are deductible you can claim the deduction against that freelance income, but any additional expenses will be effectively carried forward until you have income in your business to offset them against.

      You can't use the losses to offset against your employment income.

      This depends on if the expenses incurred were deductible to begin with.

  • Bpang on 31/05/2017 - 22:28

    Just a question in relation to continued education in relation to my profession. If I attend a conference interstate/overseas, and the conference lasts for 3 days, however I stay for 5 days. I'm assuming accommodation costs I can only claim 60% of the total, or whatever the total cost of the first 3 days is. However, for travel costs (e.g. flights), am I able to claim the full amount or is it always calculated as (number of conference days / total number of days spent).

    Thanks

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 22:30

      Apportioned unfortunately.

  • d86 on 31/05/2017 - 22:28
    +1

    Looking for some advice on a tax effective way to run a business as a sole trader (consultancy) while having a full-time job. Thanks.

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 22:30

      What do you mean.

      • d86 on 31/05/2017 - 22:35

        Legitimate ways to reduce taxable income.

  • inmyplums on 31/05/2017 - 22:42

    Do I need to keep physical receipts or dose a credit card statement record suffice.

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 22:44

      Best to keep receipts, just put them all in a plastic sleeve, or scan the invoice/take a picture of it and put it in a folder in your computer.

  • magikz on 31/05/2017 - 22:47

    Are spreadsheets just as good as say Xero or other accounting software if you are small time / sole trader? Just keep a record of all invoices and expenses is enough? From the perspective of an accountant who needs to go through all these things I mean.

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 22:52
      +1

      From our perspective we don't need to see the physical receipts, it is up to you to ensure you have receipts saved. We would like to see a list of income and a list of expenses. As long as you are sure the expenses can be substantiated we are happy to go on those figures.

      Don't bother with expensive software if your a simple soletrader without many invoices.

      PM me if you need help preparing your return :)

      • magikz on 31/05/2017 - 22:55
        +1

        Thank you! Will definitely keep you in mind.

  • murphy09 on 31/05/2017 - 23:04

    I am employed full-time and also have a small business selling my apps online which generates some income as a sole trader.

    I want to create a family trust and move the business to the trust so I can distribute income to my wife who is on maternity leave.

    1. How do I transfer the business to a trust? What official "paperwork" needs to happen?
    2. Is there any reason to be concerned about part IVA?
    3. I realise the trust needs an TFN and an ABN, but does the business name also need to move to the trust, or does it stay with me (trustee)?

    Thanks in advance for your help.
    Murphy

  • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 23:08

    The business name needs to move into trust, everything will need to operate in the trust.

    Not part IVA but personal services income, you need to consider the PSI rules. If you don't pass the PSI tests, you will not be able to distribute to your wife.

    Have a look at the tests on the ATO website and speak to your accountant specifically about the PSI rules.

    • murphy09 on 31/05/2017 - 23:10

      Thanks, I've checked the PSI rules and because it is mostly from the sale of goods, the PSI rules do not apply.

      • Lancerx on 31/05/2017 - 23:14

        what is PSI?

      • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 23:16

        Shouldn't be a problem then.

        Would recommend a company trustee to protect your personal assets too.

  • Lancerx on 31/05/2017 - 23:13

    Possible come up on top tax wise claiming uber expense on new car?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 23:17

      It will just reduce your uber income to nil. It won't reduce your employment income.

  • [Deactivated] on 31/05/2017 - 23:21

    Hi Nicole -

    I traveled overseas to see family for about 30 days and attended a conference for two days in between which is directly related to my work. I'm hoping to claim the registration + cabs/meals in tax but can I also claim part of my air tickets as well ?

    thanks

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 23:27
      +1

      You can claim part of your flights for those 2 days out of 30, which is 6%.

      • [Deactivated] on 01/06/2017 - 19:30

        Thanks very much mate !!

  • sludo on 31/05/2017 - 23:32

    Hi there nicole,

    I would like to know if you can offset tax on profit in shares invested in the asx with losses from previous years and whether this is something I can simply do myself in etax with broker summaries.

    Thanks

    • abb on 01/06/2017 - 11:42

      I'm not OP, but you can deduct past capital losses from your capital gains. Capital gain/loss occurs when you sell shares (not dividends).

      And yes, you can do it through etax, I did it myself last year.

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 01/06/2017 - 20:07

      If you feel comfortable enough doing it yourself then you should be able to do it online. If you end up having an issue we can assist in preparing the return for you. Regards.

      • sludo on 01/06/2017 - 21:38

        Thanks alot

  • ChupaCabra on 31/05/2017 - 23:34
    -2

    Hi OP,
    I bought an expensive pen to use at work in the office signing documents etc. It's about 2 grand. Can I claim that all on tax?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 23:35
      +1

      I am sorry, the limit on pen deductions is $1,942

      • techboy on 01/06/2017 - 14:30

        ?????????

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