I figure, being that time of the year again, surely someone here is a Tax Professional or an Accountant and can help answer questions. And surely, I'm not the only person here with tax questions.

So, I'll get the ball rolling.

1. If my mobile phone number appears on my business card, can I claim half the bill. I do use my phone for work purposes aswell as personal use. Someone here in my office told me that I can, just want to clear it up.

2. I bought and sold shares in the last financial year, do I pay capital gains tax on them, or income tax?

3. If I have to pay for parking when I drive to work, can I claim the cost of parking?

4. I work in an office in the city, is there anything else I can claim? I know the obvious washing of uniform (I have shirts with company logo's on them) so I think I can claim part washing load costs etc.

Any help will be greatly appreciated, from those in the know.

Anyone else has questions... Post away. To make this easier, if you have an answer to a question, can you quote it, so we know what your talking about, other wise this thread will get off topic too quickly.

Kym

i'm not a tax pro but have got these clarified in the past

1. yes, you can but you have to be reasonable. ie if you get audited, and they find that less than 50% of calls made were not work related, you could be in hot water
2. if you held your shares for more than 1 yr, than the income from is added to your your total taxablel income. if not, you will pay the capital gains tax
3. unless work sends you to a client's office, then no you can't claim any cost associated with you going to work. Or if you are a contractor and your home is your registered business address, then yes you can claim it
4. If you have to wear a uniform for work, then the purchase and maintenance of it can be claimed. But i'm pretty sure there's a threshol to how much you can claim

With the shares, if you've made a gain or loss, you can offset those against each other or withhold them for a period of time. so if you made a gain, find out if its worth defering the tax till the next financial year.

I got one as well... if I salary sacrifice a laptop thru work, as in give them receipts and they give me money. can I depreciate that as well on my form.

I know realise the answer's going to be no, but just in case.

__________________
Ho's gotta eat too

Either way, its subject to capital gains tax, and the assessable capital gain will be included in your assessable income, however after holding it for 12 months you will then be entitled to a 50% discount.

You can not carry forward capital gains, only capital losses.

You can claim the costs of your mobile phone on a % work use basis.

thanks for that.

ok to some up my shares scenario.

I spent $2000, when I sold them I got $5500 back (roughly), so I made 3k profit. all in the space of 1 day. so thus, i didnt own them for over 12 months.

I don't intend to loose money on shares, and the way I trade, its never going to happen (thanks to my broker ) so, is it worth just claiming it now.

i'm not 100% sure about shares anymore. paul's correct that you can't defer profits.
but i'm sure there's a dodgy loop hole for it

Who does?



You will have to pay tax on the gain this year.

wot i meant was, I WONT be loosing money on shares, ever.



OK so I pay cap gains.

The mobile bill issue. Wots the exact theory behind it.

Section 8-1 of the Tax Legislation allows deductions to the extent that they are incurred in gaining or producing assessable income

Thats the theory behind it.