I flicked some channels on the telly this morning and stumbled accross “tax time” info on that mornings with Kerry anne show.
I would like to know how I can maximise the deductions I can make as an emlpoyee.
I suggest you find yourself a good tax agent or accountant.
I believe that as an employee there are a fairly standard set of deductions you may be entitled too.
I think that the major taxation deductions fall to those with businesses and companies.
All the best,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Simon, What is meant when you mentioned the following:
Originally posted by Mortgage Hunter:I think that the major taxation deductions fall to those with businesses and companies.
Also, When I do look for an accountant what sort of qualifications/attributes should I look for in an accountant?
Possibly the following?
– Don’t like paying tax (Tax avoidance not evasion)
– member of CPA or CA?
– Enjoys investing in properties themselves?
– anything more to add?
With thanks,Techhowse
What I was trying to say is that the taxation structure favours those who own companies rather than PAYG people.
A company owner can use the company to buy all sorts of things which immediately are deductible (to the company) whereas an employee is limited to those things used for his employment – and the guidelines here are quite strict.
You initially asked about employee deductions not Ip ones. I find standard residential IP tax to be quite straightforward and easily done by any tax professional. The deductions are straightforward.
I use the Property Manager Pro software which means I can print out a single page per property to give to my accountant. Saves me paying her an hourly rate to go through all my scraps of paper and it only takes 10 minutes each month to enter everything. I would recommend it and it can handle multiple properties.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
techhowse,
Most major newspapers havbe had and continue to have special PAYG Taxation sections at the moment because it’s almost tax time. Check out the money section in newspapers over the past few weeks and look up “maximise tax deductions” in google.com There’s heaps of stuff written at the moment.
It shouldn’t matter whether your accountant has IP’s or not, in my book- as long as they know the current taxation rules, that’s good enough for me (if you were a farmer, would you need your accountant to have a farm to think he or she is better able to look after your accounts?)
kay henry
Hi techhowse,
If you are in a union they generally mail out info to you as a member regarding what you can claim (this would depend on what union you are in and I wouldn’t view it as being completely exhaustive).
Cheers,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
http://www.ato.gov.au/individuals/keywordlist.asp?k=deductions
The ATO seems to have a lot of info.
There seems to be a lot on the web including:
http://www.cpaaustralia.com.au/cps/rde/xchg/SID-3F57FEDF-623AC39C/cpa/hs.xsl/1019_14514_ENA_HTML.htm
Just take a good look around. I think as a normal taxpayer you should expect to pay about $100 to have your tax done professionally. This fee is deductible in the following year and you will be assured you are claiming the right amount. Claiming for too much is as much a fear as claiming too little with the ATO having a range of penalties for people who attempt to defraud them.
Good luck,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
