Applied Mathematic
(Preliminary General 1)
Allowable
Deductions
Stage 6 - Year 11
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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
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Getting Started
Then fill in the questions
until you reach the Tax Form
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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 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
253 ÷ 11 = 23
Valid TFN since 253 divisible by 11
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bioinf.wehi.edu.au/folders/fred/tfn.html
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We will do this last
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 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.
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For purchase, laundering and dry-cleaning of
protective clothing, uniforms,
and occupation specific clothing,
Non compulsory uniforms
must be registered.
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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.
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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.
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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.
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These include:
•Bank account keeping fees on investments.
•Management fees on mixed investments.
•Fees for advice on mixed investments.
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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]
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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.]
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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.
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You have invested in a
Certified Australian Film.
Does not apply to films started
After July 1st 2009
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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.
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You can claim the cost of
Superannuation Contributions.
You will also need to take into account
the governments co-contribution scheme.
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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
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This relates to deduction for
Management of a Forestry Project
in the current financial year
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These include:
•The
costs incurred
connection
with a
•Education
costs forinpotential
politicians.
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
on a business
•Foreign paid
Exchange
Losses. loan.
•Losses made while trading currency
•Debt deduction
Forex.
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Methods
1. Cents per kilometre:
2. 12% of original value.
3. 1/3 of original value.
4. Logbook.
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Ex: A 2000cc ordinary car traveling 4500 km.
Claim = $0.74 x 4500 km = $3330.00
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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
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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
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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.
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