Another Great Aussie Sport! Padding the Tax Claims

With 30 June fast looming, the “Pre-season” for Australia’s most favourite sport, yes, even greater than Cricket or football, … “padding the tax claim” is on everyone’s mind.

Those who push the envelope too far need to beware!

The Turnbull government, like those before it, wants to reduce an estimated $22billion in work-related expense claims. This initiative may occur as soon as the May Federal budget, with a range of strategies being considered.

One such strategy is a standard $500 deduction. This proposal would seem unlikely to gain favour, with a vast number as taxpayers legitimately claiming far more than this amount.

Tax deduction stats
Annual taxpayers claims:         $21.8b (2015 tax year)
Cars:                                             $9b (3.4m taxpayers)
Average claim:                           $2,000 per tax payer
Source: Sydney Morning Herald

To legitimately minimise you tax, the key is planning and diligence. Ensuring you have a system for capturing all legitimate tax deductions is the essential goal.

No, …. the shoe box has not kept up with technology and is not a suitable strategy. There are a number of suitable apps that can be used to capture and summarise all of your claims.

Contact us to explore your options!

Written by Chris Sneddon, Director

 

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