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Legal Tax Deductions

Discussion in 'Accounting, Tax & Legal' started by dwlp001, 2nd Oct, 2007.

  1. dwlp001

    dwlp001 New Member

    Joined:
    6th Jan, 2007
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    Location:
    Ringwood, Vic
    I read an article some time back in the Australian Finacial Review on how you could claim a deduction for designer clothing you sell back to a clothing recycling store... can a learned collegue explain if this is true and offer additional information on how to go about?

    Darren Parker
     
  2. MattR

    MattR Well-Known Member

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    23rd May, 2007
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    Location:
    Sydney
    Humuhhhh !!!

    Never heard of this one. Generally if it aint a business then whistle dixxie. And even if it was a business, I could only think that unless you have a lot of clothing the Non-Commercial Loss Laws would put the kybosh on this.

    More info needed for clarity.
     
  3. AsxBroker

    AsxBroker Well-Known Member

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    I'd think that a person who works as a designer could potentially legally claim a deduction. Otherwise, the rest of us, no... :(
     
  4. Simon

    Simon Well-Known Member

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    Newcastle
    What about my boardshorts, jeans and Tshirts?

    Anyone want to buy them?
     
  5. MattR

    MattR Well-Known Member

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    Is there any money in the pockets?
     
  6. Rob G.

    Rob G. Well-Known Member

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    6th Jun, 2007
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    Location:
    Melbourne, VIC
    Buy a designer wardrobe tax-free.

    1. Purchase clothes (less than $5000 each or set ??)

    2. Wear for less than 1 year.

    3. Gift to a Deductible Gift Recipient and claim a Division 30 tax deduction, claim cost price as the value.

    A gross abuse of a tax incentive to promote gifting for worthy purposes.

    Why do you see all these designer labels floating round charity shops ??

    Cheers,

    Rob
     
  7. dwlp001

    dwlp001 New Member

    Joined:
    6th Jan, 2007
    Posts:
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    Location:
    Ringwood, Vic

    Thanks Rob...