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Applied Mathematic (Preliminary General 1) Allowable Deductions Stage 6 - Year 11 Press Ctrl-A Applied Mathematic (Preliminary General 1) Allowable Deductions Stage 6 - Year 11 Press Ctrl-A ©G Dear 2011 – Not to be sold/Free to use 1

Download, install & run ETax from www. ato. gov. au/individuals/ You will need a 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 2

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

The ATO uses arithmetic to test for Valid TFNs [123456782]. 1 2 3 4 The ATO uses arithmetic to test for Valid TFNs [123456782]. 1 2 3 4 5 6 7 8 2 TFN x x x x x Given 1 4 3 7 5 8 6 9 10 Weight 1 +8 +9+28+25+48+42+72+20=253 ÷ 11 = 23 Valid TFN since 253 divisible by 11 End of Slide bioinf. wehi. edu. au/folders/fred/tfn. html 4

End of Slide 5 End of Slide 5

We will do this last End of Slide 6 We will do this last End of Slide 6

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

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

The course must: • Maintain or improve current skills required in your current employment. 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. End of Slide 9

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

This is about claiming a deduction for the declining (falling) value of low value 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. End of Slide 11

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

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

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

You may claim a deduction for: • Costs of managing your tax with a 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. End of Slide 15

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

UPP = Undeducted Purchase Price UPP is the amount you contributed to the purchase 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. End of Slide 17

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

This relates to deduction for Capital Expenditure in a Project in the current financial 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 End of Slide 19

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

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

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

Ex: A 2000 cc ordinary car traveling 4500 km. Claim = $0. 74 x Ex: A 2000 cc ordinary car traveling 4500 km. Claim = $0. 74 x 4500 km = $3330. 00 End of Slide 23

If you used your car to travel more than 5, 000 business kilometres. If 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 x 0. 12 = $6, 861. 60 End of Slide 24

If you used your car to travel more than 5, 000 business kilometres. Car 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 End of Slide 25

It must contain the following information: • when the logbook period begins and ends. 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. End of Show 26