Tax Appointment
Yesterday went off to see Mark Pozzi @
Tax Intelligence to sort out my taxation affairs. I am beginning to like section 8.1 of the ITAA 97.
There’s a couple of interesting things that people can claim but in most cases, don’t claim:
- 5000km travelling cost without a log book
- travel allowance when your employer or trust does not pay you any
- obviously home office cost
- expenses related to income producing activities (seminars, education etc)
I’ll be looking at using MYOB for all my activities, keeping all receipt (most importantly writing the reason why it can be claimed) and keeping a log book (excel/MYOB) to track all income and expenses for the trust. Don’t be a fool, it is better to be prepared and not called upon than to not be prepared and called upon! If the ATO man comes and visit you, show them you are prepared!
Remember to play by the rules! Always seek legal & tax advice from professionals when doing your tax and structues. Don’t be stingy or cheap, pay them what they deserve! Don’t even dare to think that you can be a hero and do it yourself. If you want to be a hero LEVERAGE off professional people!
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