Taxation Time

[tomatoe]

With the end of financial year approaching again thought it might be worthwhile starting a post to gather some ideas of the more obscure legal deductions for aircrew or the general employee that they dont teach about. I come across a valid one every now and then which my accountant never brought to my attention but has no problem in approving.

Apart from the obvious ones I also claim the following

*reasonable travel and meal allowance expense which dont require reciepts.
http://law.ato.gov.au/atolaw/view.htm?rank=find&criteria=AND~TD~basic~exact:::AND~2004%2F19~basic~exact&target=FA&style=java&sdocid=TXD/TD200643/NAT/ATO/00001&recStart=1&PiT=99991231235958&recnum=8&tot=8&pn=ALL:::ALL

*Zone allowance by simply doing a twenty minute turnaround at remote sites. Requires 183 days either in one year or accrued over multiple years.

*Salary sacrificing the total interest payments on my investments even though they are held in more than one name.

*Claiming car travel expenses to and from work because I need to provide secure transport for my expensive aviation equipment ie tools of the trade.

* Family trusts for depreciation, expenses and interest deductions related to home and car.

As always check with your accountant.

Cheers

[Ndicho Moja]

The ATO are going to love you! Good luck though.

[fmcinop]

It does not matter what you or your accountant for that matter think are claimable expenses. All that matters is what the ATO think.

You are playing with fire my friend. Many before you have made all the claims you have mentioned using the same justification you use. It’s all fun and games until you get audited. Then the tears start. And believe me they will start. Maybe not this year or next, but the day will come.

Have a look at the ATO info for items claimable specifically written for pilots. If you dispute these put in for a private ruling. I have on more than one issue and have had to fight the buggers all the way to the steps of the court house where they conceded. Then they agreed to pay all my expenses. Good to see my tax dollars at work.

It’s not right and is bloody annoying but that’s just the way it is.

[tail wheel]

The advice given in post # 1 above may well be fraught with danger.

Readers should seek and rely upon advice from a qualified tax practitioner or accountant in matters relating to taxation.

Tail Wheel