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2011 tax ... What to claim...

Discussion in 'Accounting, Tax & Legal' started by Vlina, 29th Jun, 2011.

  1. Vlina

    Vlina Member

    Joined:
    27th Jun, 2011
    Posts:
    14
    Location:
    cairns
    Hi, I am wanting to get the most our of my tax. I have noticed in the last 2 years since I did a little research before I went to the accountant, I was able to get more back....

    So I was wondering what you all would suggest I claim for the following...

    2 kids one in school and one in day care part time - private school
    1 investment property which is neg geared at present only 6 months old (home)
    working partime about 36K p/y
    has income and TPD and life insurance
    uniforms for work are supplied wash at home
    have to have court shoes or covered in shoes
    private health cover

    what else can I claim for which would increase my return????

    not sure what I can and what I should claim... wanting to get as much as I can get back legally....

    My Accountant is not so forthcoming with what I can how much I can claim etc.

    Any help from any professionals out there would be appricated!!

    Thank you
     
  2. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi Vlina,

    That's not very helpful of them.
    Perhaps you should go shopping for a new accountant?

    To see what you can legally claim you can check out the ATOs "Deduction Essentials" here Error 500

    Good luck and let us know how you go.

    Cheers,

    Dan
     
  3. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    If the link doesn't work you can go to Australian Taxation Office Homepage -> Individuals -> What do you want to do? -> Work out your tax -> What you can claim -> Deduction essentials

    Cheers,

    Dan
     
  4. Vlina

    Vlina Member

    Joined:
    27th Jun, 2011
    Posts:
    14
    Location:
    cairns
    Thanks Dan,

    I did change and the last accountant was a bit the same... small town everyone is the same... I just hear and see so many other people getting so much back I want to do the same...

    I wish I just had a little book to tell you what you can and can't claim to the max if that makes sense??

    Thanks for your time though

    Vlina
     
  5. Simon Hampel

    Simon Hampel Co-founder Staff Member

    Joined:
    9th Jun, 2005
    Posts:
    4,619
    Location:
    Sydney, Australia
    Are you claiming depreciation on your IP? That's one thing that is often missed by property investors.

    Travel costs for inspections and maintenance you might do for your property is also deductible.

    The big question is - what are those other people doing to get so much tax back? Do they have large negatively-geared property holdings, or huge pre-paid margin loans, or invest in "tax effective" investments? You need to understand the bigger picture - getting a lot of tax back does not necessarily mean you are getting ahead financially!

    Don't forget that tax refunds only give back some of the money you've already spent on valid expenses - you have to spend $1 to get somewhere between 30c and 50c back in tax. In general you are actually better off not spending the money in the first place!