• expired

[eBook] The Ultimate Tax Deductions Guide for Australians / Office Workers - $10 (50% off) @ Smart Tax Deductions

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appreciate

Slightly naughty as this code is for people who bought last year, but it expires tonight so thought we can share the love for a few hours… Not sure how long it will stay live for so YMMV.

There was some good discussion from the 20% off deal posted last time: https://www.ozbargain.com.au/node/571784 and on Reddit.

Slight annoyance is they book is charged in USD (i guess due to using gumroad?) so make sure you dont get slogged with FX fees (but if your card is still charging you FX fees in 2021 maybe that's another issue entirely(

I do wish they covered more info about shares because I am confused AF on how to consolidate everything. But seeing a page of balance sheet of numbers might just cause my eyes to gloss over regardless of how or who writes it.

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closed Comments

  • +1

    Is this Ultimate Tax Deductions tax Deductible?

    • +7

      D10 cost of managing tax

      • +6

        Further to D10:

        Expenses for the preparation and lodgment of your tax return and activity statements include costs associated with:
        Buying tax reference material
        Tax return preparation courses

  • +1

    Also remember the specific occupation guides to deductions issued by the ATO each year for free.

    • Thanks for the link

  • +1

    "I do wish they covered more info about shares because I am confused AF on how to consolidate everything"

    Get an accountant. Worth the money (the fee is itself deductible).

  • Does this offer any tips that save in the cost of the Guide? Ie how to legally claim for additional tax deductions?

    • You mean legally Inflate your deductions?

      You're either claiming your deductions in full or not…i don't see how adding more is "legal"

  • Isn't this what accountants are for?

    • +2

      Last time i used an accountant they just flat out asked me "so what do you want to deduct?" lol. That guy cost me $350. I totally get where they are coming from, that's a lot of money for me but nothing to them, they have 20 other clients to deal with that same day - they don't want to waste 2 hours on a call with me teaching me about what i can and cant deduct both now and in the future.

  • Can you give us an example of say 5 claimable xpenses that suprised you?

    Also, have they changed the travel deduction rules ? Normally work to home isn't claimable, unless you need to carry work resources.

    Employers (including the government) are now asking (via email, so have evidence) that all employees take their work resources home each day in case of a snap lockdown.

    So should now be extra deductible travel.

    • I will admit I was one of those that just got told that you can claim $300 of laundry without receipts so admittedly started from a low bar.

      The most helpful bits for me were education, travel and tools. The WFH stuff I sorta knew already, though last year with the new COVID rules it did help to get the 3 options laid out and compared side by side. The conditions for when they can be deductible are actually more strict than I realised, so in terms of how I planned to do additional training really helped. I potentially could've missed out on thousands if I sequenced it incorrectly.

      Ditto for tools - in some areas it was more generous than I had realised and vice versa. eg if my company provides me with a laptop but has the option of BYOD, i can still deduct the cost of my desktop and apportion it (which i have taken advantage of cos my work laptop is rank).

      So i'm pretty grateful for learning that stuff and wished there was more stuff like this out there. Like i'd love for a real estate agent to write something similar for IPs etc. I dont even have an IP but just to see legitimate insights without trying to sell me a time share or upsell me to some consultation is a breathe of fresh air.

      Anyway back to work…

      • Laundry is $300 now is it? Anyone know what year it changed from $150?

    • Can you give us an example of say 5 claimable xpenses that suprised you?

      Apart from a few specific exemptions, you can generally claim against any expenses you've made for the purposes of your work. So there shouldn't be any surprises - if you spent money on something for work, you're either already claiming it or you can't claim it.

      • If only the tax system would work that way. For example, you can't claim clothing unless it is a paid uniform or has a business logo etc. So most claim nothing. However, most work sites don't allow people to walk around bare foot. So shoes in this sense are PPE, and therefore deductible.

        The laundry example above bucks all the normal trends for deductions.

        The cost of commuting to your work site (ie. you are only making that trip exclusively for work) is not deductible.

        So the simple association with work costs and deductions doesn't work.

        • But the tax system does generally work that way - you've just listed some of the exemptions I specifically referred to 👍

  • -3

    Anyone got a PDF copy of this they are willing to share? Need to have a preview 😜

  • +2

    If you find shares confusing wait until you have dividend reinvestment and then sell the shares in a few years and need to calculate capital gain.

    • +1

      … and the shares were granted yearly over ten years as part of an employee share scheme so you didn't actually pay for them in the first place, but still need to calculate cost base at time of receiving. That year I just bit the bullet and went to a tax agent.

      • how much did it cost you if you dont mind me asking? the consult that is

    • i recognise those are words in english but have no idea what youve just said :)

    • I canned my DRP for this reason. Knew I would never follow it and I "diversified" like they said. Nek minute you have 10 shares with 2 DRP events a year. 20 years later that's 400 events you need to account for 20 years ago (when you were too busy actually working to survive). I now just take the dividend into my offset account. It takes me around 40 hrs to do my tax. Should be historical reference data out there I hope for the day I cash in on the DRP events. That's what I'm basing it on. But when to actually sell and realise the gains.. dunno.

  • Btw, code looks like it still works