1. 1 Press Ctrl-A ©G Dear2011 – Not to be sold/Free to use Allowable Deductions Stage 6 - Year 11 Applied Mathematic (Preliminary General 1)

2. 2 Download, install & run ETax from www.ato.gov.au/individuals/ You will need a Tax File Number [TFN] Use your own TFN or 123 456 782 End of Slide

3. 3 Getting Started End of Slide Then fill in the questions until you reach the Tax Form

4. 4 The ATO uses arithmetic to test for Valid TFNs [123456782]. 123456782 xxxxxxxxx 1437586910 1+8+9+28+25+48+42+72+20=253 bioinf.wehi.edu.au/folders/fred/tfn.html 253 ÷ 11 = 23 Valid TFN since 253 divisible by 11  TFN  Given Weight End of Slide

5. 5 End of Slide

6. 6 End of Slide We will do this last

7. 7 End of Slide  Public Transport – Trains, buses & taxies  Road and bus tolls, parking fees, etc.  Meals and accommodation.  Expenses for vehicle that carry > 1 tonne.  Expenses for vehicles that carry more than 9 passengers  Actual expenses such as petrol & repairs Only work related expenses can be claimed.

8. 8 End of Slide For purchase, laundering and dry-cleaning of protective clothing,uniforms, and occupation specific clothing, Non compulsory uniforms must be registered.

9. 9 End of Slide The course must: Maintain or improve current skills required in your current employment. Lead to an increase in pay, hence more tax. Lead to a new job, probably more tax.

10. 10 End of Slide These may include: Union FeesOvertime Meal Expenses Professional Seminars, Conferences, etc. Reference Books, Trade Journals, etc. Tools Internet Protective Clothing Computers Home Office Expenses.

11. 11 End of Slide This is about claiming a deduction for the declining (falling) value of low value assets. Eg. a desktop computer. No portable devices [e.g. laptops]. Value must be more than $300.

12. 12 End of Slide These include: Bank account keeping fees on investments. Management fees on mixed investments. Fees for advice on mixed investments.

13. 13 End of Slide These dividends include: Expenses incurred while earning a dividend. Capital gain from selling an investment. You may claim: Management Fees. Interest charged on money borrowed to buy an investment. [Margin Loans] Related Travel.

14. 14 End of Slide You may claim a deduction for: Gifts over $2 to approved organisations. A net contribution of more than $150 for a fund raising event. [Ball, etc.] Gifts over $2 to politicians.

15. 15 End of Slide You may claim a deduction for: Costs of managing your tax with a registered tax agent. An Interest charge the ATO imposed on you. A charge when ATO underestimates GST. Some legal compliance costs.

16. 16 End of Slide You have invested in a Certified Australian Film. Does not apply to films started After July 1st 2009

17. 17 End of Slide UPP = Undeducted Purchase Price UPP is the amount you contributed to the purchase of the pension. The part the pension that represents your contribution is tax free.

18. 18 End of Slide You can claim the cost of Superannuation Contributions. You will also need to take into account the governments co-contribution scheme.

19. 19 End of Slide This relates to deduction for Capital Expenditure in a Project in the current financial year Some claims can be made for some expenditure as far back as 2001

20. 20 End of Slide This relates to deduction for Management of a Forestry Project in the current financial year

21. 21 End of Slide These include: Education costs for potential politicians. Income Protection, Sickness Insurance. Accident Insurance. Foreign Exchange Losses. Debt deduction The costs incurred in connection with a debt interest that are otherwise deductible in Australia, subject to the thin capitalisation rules. The most common type of debt deduction is interest paid on a business loan. Losses made while trading currency Forex.

22. 22 End of Slide 1. Cents per kilometre: 2. 12% of original value. 3. 1 / 3 of original value. 4. Logbook. Methods

23. 23 End of Slide Ex: A 2000cc ordinary car traveling 4500 km. Claim = $0.74 x 4500 km = $3330.00

24. 24 End of Slide If you used your car to travel more than 5,000 business kilometres. If you bought the car, you can claim 12% of the cost. A luxury car cost $57,180. How much can be claimed? Claim = $57,180 x0.12 = $6,861.60

25. 25 End of Slide If you used your car to travel more than 5,000 business kilometres. Car expenses do not include capital costs such as the initial cost of your car. You must have written evidence. Running Costs = $45000 Claim = 1 / 3 x$45000= $15000

26. 26 End of Show It must contain the following information: when the logbook period begins and ends. the car's odometer readings at the start and end of the logbook period. total number of kilometres that the car travelled during the logbook period. number of kilometres traveled for work activities based on journeys recorded the business use percentage for the logbook period.