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