Tax (1 Viewer)

[aussie-boy]

Hey guys,

As its nearing EOFY, I was wondering if anyone has any tips to reduce tax liability/increase your refund?

From what I've read, it seems that there are really no deductions available for uni students/employees who don't do work at home

 

[zehurricane]

Get a ABN, buy a expensive item eg 5 grand camera and "claim" under work or some shit...

What about the education tax or whatever it is where stuff like textbook are deductible... (I'm not sure about this but ya"

 

[LaZy_KoReAn]

Get a ABN, buy a expensive item eg 5 grand camera and "claim" under work or some shit...

What about the education tax or whatever it is where stuff like textbook are deductible... (I'm not sure about this but ya"

LOL, you really do know alot huh? you're totally wrong yet again.

So this isnt fraud? rorting the tax system?

.... right yet again.


Things are only tax deductible if related to current occupation / assessable income.

 

[aussie-boy]

*Self education expenses are only tax deductible if they are directly related to your work, i.e. you are learning solely for the purpose of improving your productivity in your current job.

*There are specific eligibility criteria for an ABN - and you can't claim most stuff (as Lazy_Korean said).

Plus why would I buy a $5k camera? I'd reduce my tax by 0.15*$5k=$750. Fancy wasting $4250 on a camera lol

Anyone got any proper strategies?

 

[__moonriver]

How about just sucking it up and paying your damn taxes?

 

[Optimus Prime]

earn less than $15K and you'll get it all back.