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taxpert
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Hi Debbie,

No problem – I’m happy to help.

You can claim the cost of your public transport tickets. It’s probably not much but it doesn’t hurt.

If you stop being a sole trader and become an employee you probably won’t be able to make the same claim for depreciation next year. It would depend on the amount you use it to earn income (which I’m guessing would be less as employee compared to how you are currently using it in your business). All the more reason to use the diminishing value method.

It’s only $50 so I’d go ahead and claim it without the receipt.

Sure as long as you think the 70% is reasonable. If you ask the ATO they’d probably want you to keep a diary of use of have some substantiation record but I’ve never got my clients to bother doing that for computer claims as it’s generally not very large claims. It’s hard enough to get them to keep a log-book for motor vehicle travel.

Yes, you can claim 70% of the extended warranty.

To be honest if you were my client and you told me you incurred an amount for stationary but you didn’t have all the receipts I would be happy claiming it as long as the amount seemed reasonable, so go ahead and claim it all even though you don’t have all the receipts. It’s extremely unlikely you’ll have a problem with the ATO.

Yes you can claim accountant’s fees as a deduction if you incur them. I think $300 is a competitive amount for a sole trader’s return when you consider that accountants have to study for many years plus they have rent, wages, PI insurance and other costs to cover.

It sounds like you have most things covered. An accountant will may be able to help you find some more things to claim but probably not that much as it sounds like you have already thought about it quite a bit. Just think about the things you paid for to help you earn your income. Generally those things will be deductible if they aren’t considered private or of a capital nature. If there is anything else you think of but aren’t sure than feel free to ask. Have you thought about if you are eligible for any of the offsets (like for medical or education expenses)? An accountant may also be able to help you out in terms of advising whether sole trader is the right structure or on ways to grow your business and later on prepare it for sale. In the future you may also just decide that doing your return is not the best use of your time and you’d prefer to leave it to somebody else.

What do you do by the way? Best of luck in your business (or as an employee if you decide to do that next year).

Cheers,

Simon