Personal Income Tax

Tax Deductions: How they work and what they do

Many people seem to be confused at what a tax deduction actually entails. As such, you may hear people, all the time, say things like “It’s okay, I’ll get the money back at tax time”. Phrases like this reveal a large element of confusion here; it would seem over the word deduction.

Things You Can't Claim as Tax Deductions

Things You Can't Claim as Tax Deductions

When funds are tight and tax time is nigh, everyone looks to claim as many deductions as possible to make the most out of their tax return. However, there is a line in the sand when it comes to deductions. Usually an expense can only be claimed if it is directly related to your taxable income.

Although you can attempt to make a legitimate claim for the deduction of the following expenses, don’t be surprised if you are ultimately denied by the

Can deductions be had on your hobby farm?

While you urbanites are busy chasing the idyllic dream of a smallholding you might be subject to some name-calling – hobby farmer, part time cocky, tree changer – that doesn’t mean that you aren’t entitled to some of the same tax deductions available to bone fide primary producers.

With the proliferation of such “hobby farms”, as well as jokes about their skill at growing fruit and raising rabbits, this became a vehicle to offset what, in essence,

Allowances and Reimbursements: Not the same thing

There appears to be a level of confusion about what an allowance is and what a reimbursement is. People sometimes don’t make a distinction or get it wrong entirely and sometimes this is even propagated by the company themselves. This is generally because the business will benefit from your confusion by not having to cover some of your business-costs.

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Feb2015

Welcome to my blog

Welcome to my blog

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