Anything I should buy for tax deductions before 30 June?
Eg. Printer ink and paper
Anything I Should Buy for Tax Deductions before 30/June?
deme on 27/06/2021 - 21:06
Comments
DYOR
IANAL
Tl;dr: Donate to a local charity where their work means something to you
@Heaps for Cheaps: I had a message from the Salvation Army, saying I can claim double my Donation before EOFY?
Personal or as business?
ink, paper, pen, ipad, laptop, pen, gaming chair, standing table, coffee machine, standing mat, a car etc..
coffee machine? is it tax deductible?
Not unless you're in business
if you're in the cafe business:P
New car if the accountant says you can use it as a tax deduction.
Yes donate to charity
If you were going to spend on something anyway, sure. But if you buy $200 worth of ink and your printer dies you will be annoyed. When interest and inflation were high, it made sense to get a deduction now and bank it.
With under 2% inflation, it only really makes sense if a pay cut is about to drop you out of a tax bracket and you will make a bigger deduction this year than buying them next year when needed.And vice versa. If you are expecting a pay rise that will push you into a new tax bracket, defer the spending.
Toilet paper
Printer ink and paper
Condom
Skid steer.
Logitech MX stuff.
if we reframe the question as "how should I spend money for tax deductions" then extra super contributions is also an option.
Accounting services
Epson Ecotank if you need a printer.
Bought one last week!
55 inch TV as a monitor.
max out your super concessional contributions now - as long as the bank transfer is made this fy it's fine
all trust distributions must be made this fy - ato very strict on this - as long as the bank transfers are made this fy it's fine
learned the above two the haaarrrrd way
what do you mean trust distributions must be made this fy?
You dont have to physically pay the money for trust distributions. and can go to the beneficiary loan account.
Thank you
what do you mean trust distributions must be made this fy?
I think he means he didn’t do a resolution and paid the penalty rate
wat no, documents can be created as needed, e.g. just before an audit, just put the correct date and don't be stupid to admit it was created recently.
The one thing you can't create retrospectively are bank transfers
Face masks
What did OP end up buying?
Nothing I already hit my super cap and bought what I needed before.
I donated some money to charity though.
Thanks for the conclusion, it's always great to have people come back to let us know the outcome :)
yea everything that you dont have that you need.
HTH YMMV DILLIGAF