AMA - Round Two - Tax and Tax Return Questions - Ask Me Anything - GO!

Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 09:15
Last edited 05/07/2017 - 10:20 by 2 other users

Edit % June 2017

I have now closed this thread.

I will think about posting a third round on the last week of June depending on how many people want me to do it.

I will be ready to prepare everyone's 2017 returns in July. I look forward to hearing from you.

For everyone else, thank you for participating and I hope you appreciated our answers.

Hi All,

I did a tax AMA a few weeks ago and got an overwhelming response (close to 700 replies).

I am going to do another one that will go from today 31 May to Sunday 4th June.

If you have any tax or tax related questions then ask below and I will do my best to get back to you as soon as possible.

Disclaimer: Any advice or answers given will be general in nature and you may need to speak to a tax adviser for more personalised advice.

P.S Please see my previous forum post as we tried to avoid duplicate questions.

I will reply to this thread with a link to the previous post.

Look forward to answering all your tax queries.

Lets do this!

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closed Comments

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 14:22

          Not in Australia. You will each submit a separate return but best to do it together. PM me if you ever need assistance in preparation and lodgement of a return :)

  • ATreeFiddy on 31/05/2017 - 14:22

    Hi Nicole, own an investment property and usually do an annual inspection each Oct or Nov claiming flights/accom/car hire in my return. With the govt talking about scrapping the ability to claim this from 1 July if I were to book flights and accom now for travel in Nov 2017 are these still claimable (in this years return)? Assume so but just looking to confirm…thanks!

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 14:27
      +1

      If you pay for them before 1 July they should be claimable.

  • abb on 31/05/2017 - 14:25

    Hi Nicole, thanks for doing this.

    I did some work overseas, and received a travel allowance (under the ATO limit, so un-taxed).

    Can I still claim work expenses I incurred whilst overseas? I had to purchase a foreign SIM for my phone in order to do my work.

    And is clothing considered a work expense? It was below 0 degrees so I bought warm clothes specifically for the trip. (I would have gotten hypothermia otherwise, so maybe it counts as protective clothing?)

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 14:30

      It is up to you I would personally not claim the protective clothing unless you were working in a freezer etc. Just being a cold country probably wouldn't be enough.

      Purchasing a sim isn't a big expense so its not a big deal if you claim it or not. Should be fine if you used it for work purposes.

      Not sure why your travel allowance is not assessable income though?

  • scbrother on 31/05/2017 - 14:30

    Hi Nicole,

    I often hear of people buying laptops and then claiming it on their tax, whats the deal with this? Is this only allowed if it is 100% for work? Can you claim a % of the laptop if you use it partly for work?

    I am currently studying my masters degree in Construction and my job is in the same field, does this affect whether it is an eligible claim?

    Thanks :)

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 14:36

      You can depreciate the laptop over its effective life on the portion of it that relates to doing work on it.

      So if you do some work from home etc you will be able to claim a portion of it.

      • Tech5 on 31/05/2017 - 18:04

        And is it true as a small business, if it is all for work, I can claim the entire amount in one go? ($3000) What proof is required that it is all for work? Logbook?

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:25

          You are an employee, you are not running a small business. If you are running a business then you can claim it at once.

          Regarding the percentage for work/private you just have to estimate. Tip: It will never be 100% for work because its a laptop and you go on facebook and surf the net. If you needed a laptop for work purposes 100% of the time, your work would provide you with one.

        • Tech5 on 31/05/2017 - 19:32

          @nicolemcmilllon:

          Am I still an employee if I have my own ABN and am working under a SFA agreement? I'm registered as a sole trader

  • Chubbsmcfatflabs on 31/05/2017 - 14:31

    Hi..nice work so far..
    Am I able to claim travel and accom if I attend a conference OS directly related to my employment ? ie I work in telecommunications so if I go to a telecoms related Conference I can claim expenses etc ?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 14:38

      First question the ATO would ask is why isn't your company paying for your conference if they require you to go all the way overseas.

      Secondly if the conference is for one day and you are there for 5 days, you can claim 1/5th of the flights and accommodation.

      • Chubbsmcfatflabs on 31/05/2017 - 15:08

        Re your first point I am self employed…I Should have said that..

        And thanks for the info..

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:26

          Thats fine then claim the apportion of flights/accommodation.

  • casho on 31/05/2017 - 14:37

    I work a second job and can claim a small payment per kilometer whilst driving for that job. Can I do anything extra to maximise that benefit? Car depreciation, service costs, petrol etc?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 14:39
      +1

      There are different methods to claiming motor vehicle expenses. One of them is the cents per km. Only the driving from one job to the other would count as business km, not travel to and from home.

      Another method is the log book method which takes into account depreciation, service costs etc. You should speak to your accountant to see if it would be worth claiming this method. Once again, only the driving from one job to the other would count as business km, not travel to and from home.

  • andylch on 31/05/2017 - 14:47

    I work in IT Marketing and my company doesn't have fleet program. How can I Novated Lease a brand new car and maximise the tax return benefit?
    Or should I buy a car outright with cash instead?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 14:50

      Speak to a company that specialises in novated leases.

      First of all, do you require a car for your work? Not just to get to and from your house but during the course of your work?

  • jsam on 31/05/2017 - 14:57

    If I own two houses, one for home, another one is not occupied or used to generate any income, do I need to pay CGT when I sell the second one?Thanks

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 15:14

      Is it just sitting there not occupied? for how long? are you planning to move into it to sell the first one or do you just plan on it sitting there forever unoccupied.

      • jsam on 31/05/2017 - 20:06

        I used it as the main residence for several years, then move into another, it has not been occupied since we moved out, and eventually I will sell it.

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 20:11

          You can only have 1 primary place of residence at a time.

          The best thing to do is discuss with an accountant the best way to choose the periods once it comes time to sell it.

  • ohsotight on 31/05/2017 - 15:01

    Thanks for answering my questions! Really appreciate it.

    Not sure if you would rather PM me this but how much do you guys charge for an individual tax return with one IP and a small stock portfolio?

    Also does from the ATO's point of view do they really care if the bank has classed an IP loan as an owner occupied?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 20:11

      I have PM'd you

  • [Deactivated] on 31/05/2017 - 15:05

    I registered an ABN and registered as an Ubereats deliveryperson, but haven't yet made any deliveries since joining (so no income from this).

    It's my first time having an ABN, are there extra things I need to do on top of my individual tax return? Do I need to do BAS?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 15:15

      Are you registered for GST?

      If you have no income from this activity its probably best if you cancel your ABN.

      • [Deactivated] on 31/05/2017 - 15:40

        Thanks @nicolemcmillion !
        I'm not registered for GST. If I don't cancel the ABN, does it become complicated?

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 15:51

          If you don't earn income in the next 12 months, the ATO might cancel it for you as you are not running a business. If you plan on earning any income in the next 12 months, you should consider keeping it open.

          Regards :)

  • Skramit on 31/05/2017 - 15:31

    Hello Nicole,

    I have an investment loan I use to buy shares. It's a loan facility with an offset account.

    If I buy shares using the funds in the offset account, and then sell the shares 12 months later at a profit. Do I have to put the principal amount back in the offset once the sale of shares funds are returned to me? Or can I put the principal amount plus the profit in to my home loan?

    Thanks Nicole.

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 15:38

      I am not sure what your question is?

      If the bank doesn't make you pay you back the loan then you can do whatever you want. Although why would you want to pay off your home loan which is probably at a lower interest rate than the loan for the shares.

      • Skramit on 31/05/2017 - 15:55

        For deductible debt reasons. My home loan interest is not tax deductible but my investment loan interest is. Does that make more sense for my original question?

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:27

          Nope, once you have sold your shares you can't keep claiming the interest.

  • trapper on 31/05/2017 - 15:31

    I have finally saved up a 20% deposit so am looking to buy a house in Perth.

    I am eligible for first home owners which I understand is $10k on new builds ($15k if i'm quick) plus no stamp duty on the first $430k.

    So my plan is to buy a new home for ~$430k and live there for 6 months so I can qualify for first home owners, and then to move out and convert it into an investment property.

    Does this sound sensible? Can you see any negatives I haven't properly considered?

  • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 15:36

    I cant comment on Perth stamp duty laws as I live in NSW. I also can't comment if a decision is sensible or not. However, from a tax perspective, living in it for 6 months also means you can use it as your primary place of residence for up to 6 years after you start renting it out provided you haven't got another primary place of residence.

    • trapper on 31/05/2017 - 16:04

      How would this impact the deductibility of the loan interest once I convert the property to a rental? Would the loan be tainted?

      • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 16:06

        No. Just don't make any withdrawals from the loan account once it is established.

    • trapper on 31/05/2017 - 16:18

      How would it impact the depreciation I can claim? Do new buildings depreciate faster at the start, or is it calculated differently?

      • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 16:22

        You will lose 6 months depreciation because you are living in it the first 6 months.

        Everything depreciates faster at the start. This will be fine as by living in it for 6 months you are getting the Perth home owners grant (I assume)

  • daewoo on 31/05/2017 - 15:51

    Hi OP. I have an interesting pickle which requires some investment advice: I've got an positively geared investment property where the interest is fixed "1 Year Interest in Advance". This loan becomes variable again a few days before EOFY (the date keeps edging closer and closer to EOFY). I am concerned that eventually, there will be a FY where I did not pay Interest In Advance on a $400k Investment Loan.

    Based on a "theoretical" 150k income, what "general advice" options do I have to avoid an epic 5 figure tax bill in an upcoming FY where I do not end up pre-paying a year's worth of interest on this property?
    1) Work as little as possible one FY, and choose that FY to not pay interest on the property
    2) Buy a 2nd investment place in this overly-hot market, and pay 24 months interest on investment property 2 while paying 0 months interest on investment property 1
    3) Other interesting 5 figure offsets that I cannot think of, e.g. a shares loan?
    4) Other outside-the-box options?

    Thanks :)

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 15:55
      +1

      I can't give you financial investment advice on what to purchase.

      Personally (not professionally speaking), if you didnt want to purchase another property, (I always tell my clients never to make a decision purely on tax consequences) then I would just bite the bullet for that one year. You do understand that not paying interest means you get to keep 100% of the interest you would have otherwise paid?

      If you are worried about cashflow, you could lodge the tax return of the year without interest at the latest time possible and lodge the next year tax return at your earliest time possible thereby somewhat combining the huge bill with the refund theoretically.

      Regards :)

      • daewoo on 31/05/2017 - 16:29

        You do understand that not paying interest means you get to keep 100% of the interest you would have otherwise paid?

        It means I get to keep the interest payment for the following FY, rather than continue daisy-chaining 12-months interest in advance. If I could pre-pay 11 or 10 months interest in advance, there wouldn't be a problem. Paying 24 months of interest years ago gave me an awesome tax return, but I'm certain paying 0 months of interest will be absolute death :)

        You could lodge the tax return of the year without interest at the latest time possible and lodge the next year tax return at your earliest time possible thereby somewhat combining the huge bill with the refund theoretically.

        You're a genius :) So in this example (using guesstimate numbers), on a 15th of May in the future I will have a ~$10k tax bill, however on the 15th July I could have paid for 18 months interest in one FY for a ~5k return.

        Thank you for your advice, you deserve an OzBargain medal :)

  • Zondor on 31/05/2017 - 16:01

    I DJ in addition to my job which requires me to use my car, can I claim a percentage of my rego on the income I earn from DJ'ing?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 16:07

      How do you get paid as a DJ? Salary, ABN? and roughly how much do you make each year?

      • Zondor on 31/05/2017 - 16:10

        I have an ABN for my DJ'ing, I earn 40,000 through my day job (not abn) and aprox 8k through my DJ'ing per financial year.

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 16:16
          +1

          You may be able to claim travel expenses to your DJ gigs as you are carrying bulky items. You would most likely be able to claim 66cents per km of travel to the DJ gig and back home.

          Speak to your accountant when they prepare your tax return so they can claim this for you. If you need your return prepared, contact me :)

        • Zondor on 31/05/2017 - 16:33

          @nicolemcmilllon: If I have more than 8k deductibles of DJ'ing expenses can it roll over into my normal job tax?

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 16:39
          +1

          @Zondor:

          No.

  • talbot777 on 31/05/2017 - 16:09

    I have my own fitness Business with the business address listed where I live.

    I have a contract to do some work with a gym which I invoice. Can I claim travel deductions going to this job?

    I also have to do practical experience as part of my uni masters. Can I claim travel going to the business I travel to, even though its not Uni as such but a requirement for the course.

    Thanks!

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 16:17

      Traveling to the Gym probably won't be deductible.

      Neither will traveling to the business to do your work experience.

      What annual income does your fitness business earn?

      • talbot777 on 31/05/2017 - 16:29

        It will be on the low end (<25k) as it is just supplementary whilst at uni. How would this impact things?

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 16:37

          Do you also have any other employment income as an employee with tax being withheld?

        • talbot777 on 31/05/2017 - 16:38

          @nicolemcmilllon:

          yeah I do

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 16:40

          @talbot777:

          If you can justify that you have clients at home, then are leaving these clients and going to the gym for other clients, you may be able to claim your travel expenses by way of 66cents per km up to 5,000 kms.

  • Munki on 31/05/2017 - 16:13

    Hi,

    Recently obtained a mortgage (six months ago) for an investment property - but the situation is that my in-laws are actually "renting" the place. I'm just paying off the principal and not actually getting an income for the property. How would this work when I do my tax return?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 16:18

      Are you living in the property?

      If there is no rental income then you can't claim any deductions.

      • Munki on 31/05/2017 - 16:33

        No, I am not currently living in the property.

        Cool, so I won't actually need to list that as income then, since I don't have any?

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 16:38

          No, but it also means you are missing out on a possible negatively geared scenario whereby you could get thousands back a year in refunds depending on whether or not you have full time employment with tax getting withheld.

          Have you spoken to your accountant about charging some rent to your inlaws and claiming the expenses?

        • Munki on 31/05/2017 - 22:05

          @nicolemcmilllon: No, but I think I will now to see how we could benefit from this. Thanks!

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 22:09

          @Munki:

          Depending on deductions etc you can charge your in laws a rental amount, in a way which allows you to negatively gear the property so that you can claim the expenses. This might get you back a big refund.

          If you want to discuss further PM me or email our practice.

          :)

  • skyva on 31/05/2017 - 16:17

    I am terminating my full time employment 1 June 2017 (eg tomorrow). My employer will pay me for 3 months salary in lieu of notice. I want to be paid the lump sum for the 3 months in July 2018. Will all the amount, 3 months salary, count for the next tax year?

    Will all the amount show on my next year group certificate or will one month be counted in this year's group certificate.

    Thanks.

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 16:20

      Your salary will be included on the day your employer processes your payroll and is usually assessable in the period it is paid.

      You would have been better off being terminated in July.

      • skyva on 31/05/2017 - 16:29

        Thanks for the reply. it seems possibly that there are two outcomes. If the salary is processed in the payroll as per normal on 15 June 2017, it may be included in the group certificate even though it is not paid until July. Once on the group certificate it will be difficult to get it assessed in the following year.

        I will look into the back end operation, as there is no point in delaying payment if I still get taxed.

        I agree it would be better to be terminated in July, but work seem to believe that terminating in June is better, so I have to go with that.

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 16:34

          Speak to the payroll person at work.

          Discuss with them and tell them you want it processed in July because that is when it will be paid.

          Don't take no for an answer from them.

        • k-rokfm on 01/06/2017 - 08:18

          If it gets paid after 1 July then yes it will count for 17/18 FY

  • chumlee on 31/05/2017 - 16:30

    In your previous AMA session you mentioned you can claim cleaning expenses for a home office.

    Is it only cleaning costs for the room I use as my home office I can claim? I work from home a lot and my office set up is in my open area kitchen/dining/living room (i have a desk and printer set up in a corner)?

    Can I claim to clean that whole open area?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 16:35

      Realistically how much cleaning expenses are you going to have? What are your cleaning expenses?

      • chumlee on 31/05/2017 - 16:36

        None so far but if I do hire a cleaner just wandering where i stand on the matter

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 16:44

          Its not going to be much of a difference if you clean your room (10% of the house) and a portion of the kitchen area (another 10%) of the house.

          If that is where your printer are is set up then claim it, I doubt it will add more than $20 in your pocket at the end of the year.

        • chumlee on 31/05/2017 - 16:45

          @nicolemcmilllon: thanks for the info.

  • plasmoske on 31/05/2017 - 16:34

    Ever had someone come to you for Bitcoin tax advice?

    Made a killing in Bitcoin but have no idea how to file tax for it.

    Done like a thousand trade all over different platforms, real life and even mining them.

    Bought from when they were cheap to when they were in the thousands.

    Any advice?

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 16:36

      Bitcoin is relatively new, but I have been told that if you are buying them as an investment, you will have to pay capital gains on them.

      what kind of gain are you talking about? $100,000?

      • plasmoske on 31/05/2017 - 21:15

        Yeah over $100,000

        It's hard to determine CGT because of all the trades I've made and the various ways I've obtained Bitcoin (mining them etc).

        This one is a major scratcher for me and I don't think any accountant is even knowledgeable or ready to handle Bitcoin related tax stuff yet.

        I've gone to some accountant but they either just don't know what bitcoins are or just tell me it's a really complicated job and they can't do it.

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 21:43
          +1

          I've dealt with bitcoins before with a client who had heaps of transactions too. You are correct in that it is relatively new and most people aren't aware of them.

          We had to go through each trade (literally 1000s) to come up with the best capital gains scenario for the client. I think they only had $40,000 gain.

          Obviously if the gain is over $100,000 it is worth having an accountant go through them for you imo.

        • Newcroft on 01/06/2017 - 15:28

          @nicolemcmilllon:

          2 questions:
          * Is Bitcoin CGT treated as 'first in / first out' or 'last in / first out'?
          * Are crypto to crypto exchanges considered 'like items' or different items requiring CGT?

  • PAPower on 31/05/2017 - 16:35

    Thanks OP!

    I have a second job which is straight after the first job.

    In the past I've claimed travel, uniform and other costs to make the second living.

    My question is: Can I claim the meal between jobs so that I could be alive and continue working straight after work? I don't get any overtime for working 12-15 hours a day.

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 16:44

      Nope, the meal is private in nature and unfortunately, in the ATO's eyes, you are "choosing" to eat lol. Sorry

  • moar bargains on 31/05/2017 - 16:41

    Hi Nicole,

    I am undertaking self education (checked the ATO website and it's deductible). So far, I've paid the expenses myself and upfront, however my employer has said they will reimburse me for the course fees (largest cost) though this hasn't happened yet and unlikely to happen before EOFY. Obviously it's a straight forward claim if they don't reimburse me, but I'm wondering how to complete my tax return based on two scenarios. If my employer reimburses the course fees before EOFY, I can't claim the course fees on my ITR correct? What if employer reimburses course fees, but next FY after I submit my ITR?

    Hope that makes sense!

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 16:46

      When is your employer going to reimburse you. I would wait to lodge the tax return until you know for sure.

      If you do lodge and they end up reimbursing you, you would then have to lodge an amendment and pay back the benefit gained from the deduction, most likely interest as well.

      Just hold off until you know for sure.

      • moar bargains on 31/05/2017 - 17:09
        +1

        Fair enough. Thanks for the advice!

  • Briefcase Mong on 31/05/2017 - 17:02

    Hi Nicole

    This is a serious question what's the difference between PAYG tax and income tax ? My previous job had PAYG tax where as my current job there is only income tax and is far less than before

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 17:04

      I'm not sure what you're asking.

      PAYG means Pay As You Go and basically outlines the method of the ATO collecting all types of payments. It means you pay tax as you go through the year, by way of withholding tax per pay cycle.

      • Briefcase Mong on 31/05/2017 - 17:07

        So if I don't have PAYG I pay the income tax at EOFY ?

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 17:08

          Is your employer not withholding tax from your pay each cycle? I doubt this is the case.

        • Briefcase Mong on 31/05/2017 - 17:12

          @nicolemcmilllon: I've used ATO tax calculator I earn $47k however I'm only taxed $46 a week which is a lot less than the amount on the ATO tax calculator

        • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 17:29

          @swiftty-13:

          That is definitely not correct. Your employer isn't withholding the right amount. Contact them and ask why.

  • [Deactivated] on 31/05/2017 - 17:05
    -1

    I have always used E-Tax (before MyGov) and the MyGov Tax return system
    personally, just use common sense, claim what is relevant, keep reciepts and you wont have an issue
    its only when you start being greedy and claiming for shit outside of your line of work does the ATO dig deeper
    Any claim that looks stupidly out of the norm is just calling for trouble

    Tax Agents are the best for messy tax situations, they understand the laws, for the experienced E-Tax user, following the bouncing ball and understanding each claim area has always been fine for me, considering I have had a tax agent compliment me on the good effort and understanding of the claim areas its worth it to me to do tax each year on my own

    Provided you know what you can claim, the limits you can claim before reciepts, you will always be better off, as for tax return time, once my group cert comes, its usually a week and my refund is straight back, I possibly could earn more if I used an agent, but not much more.

    Its best to either use an agent or someone qualified if you're in doubt though.

  • Wystri Warrick on 31/05/2017 - 17:42

    Hi op,

    I'm a student on youth allowance, how much can I have in investments such as shares, bonds etc, until I have to start paying tax on the investments.

    Thanks :D.

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 18:55
      +1

      That is a question for centrelink.

  • T1 on 31/05/2017 - 17:46

    Can I claim gifts to my tennant and property manager for my investment property? Say, I was able to produce a receipt for a gift card that I gave them at Christmas time.

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:17

      No, that is private in nature and not deductible.

  • blackorange on 31/05/2017 - 17:55

    I worked overseas in Canada from July 2016 to March 2017. I paid tax and submitted a tax return in Canadia before I left the country (already been processed). Is my Canadian income counted towards my total taxable income for CGT purposes?

    Thanks!!

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 18:59

      It depends if you were an Australian resident for tax purposes. Talk to your accountant about your specific details.

  • goms on 31/05/2017 - 18:01

    Hi, I aksed this in the previous post but didnt get answered. Hopefully it can be answered on this round. Sorry in advanced if its a stupid question!

    If I borrow money to buy shares, can I claim the interest as a deduction? To complicate things, if the money borrowed is under 2 names because of using the house as a collateral, can the interest be claimed on one person tax income as the shares purchased will only be under one name.

    Thanks.

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:06

      If the shares pay dividends yes.

      The interest is claimed based on who's name the loan is in.

  • Tech5 on 31/05/2017 - 18:02

    Sorry if this has been asked before. Can credit card statements act as receipts for restaurants? Also, can non-itemised receipts be used? (E.g. some restaurants).

    These were expenses incurred when on a business trip.

    Cheers

    • Associatednicolemcmilllon @ Titanium Accountants & Advisors on 31/05/2017 - 19:07

      Are you sure the meals are deductible?

      • Tech5 on 31/05/2017 - 19:10

        Hmm, now I am not sure. What are the rules on meals? I travelled to a different city for 4 days, every day 8-5 at a conference. Meals were lunch and dinner

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