Tax Returns!!

[alternative]

I've got a relativly huge HECS debit right now. I know very little details about this as i never cared about it in the past. However does anyone know how this whole proccess works???

Do we have a choice of paying off everything we get in terms of returns directly to HECS or are they seperate components??

I got myself a Lappy the last financial year, which costed over 900 bucks... can i claim it over 3 years or is it a one of thing?

****s, don't tell me to go see a Tax agent!

 

[Burgey]

Think you have to depreciate the LT over a few years,not sure about the HECS debt sorry.

HJ to confirm.

When in doubt mate, claim everything. Suits, meals, petrol in the car when driving up the coast for a surf, Thai massages (no happy ending), room upgrades, rounds of golf at conferences - everything. Do not leave a thing out.

**** 'em.

 

[howardj]

I've got a relativly huge HECS debit right now. I know very little details about this as i never cared about it in the past. However does anyone know how this whole proccess works???

Do we have a choice of paying off everything we get in terms of returns directly to HECS or are they seperate components??

I got myself a Lappy the last financial year, which costed over 900 bucks... can i claim it over 3 years or is it a one of thing?

****s, don't tell me to go see a Tax agent!

Yeah, it's depreciable over the effective life of the asset (which I think is three years for a laptop) rather than deductible outright. And there has to be a nexus between the expense and the derivation of income. So, if you're just at Uni or flipping hamburgers, you can't claim it.

With HECS, when you start work, you have to notify your employer (on your TFN declaration) that you have a HECS debt. After that, they'll deduct extra tax from your pay to cover your liability. You'll only have compulsory amounts deducted from your pay once you start earning about $850 gross per week.

You can also make voluntary HECS repayments for which you get a 10% bonus for single payments over $500. So if you make a $1000 payment, your debt will reduce by $1 100.

 

[benchmark00]

I've got a relativly huge HECS debit right now. I know very little details about this as i never cared about it in the past. However does anyone know how this whole proccess works???

Do we have a choice of paying off everything we get in terms of returns directly to HECS or are they seperate components??

I got myself a Lappy the last financial year, which costed over 900 bucks... can i claim it over 3 years or is it a one of thing?

****s, don't tell me to go see a Tax agent!

Worst ****.

 

[howardj]

Just also..

If, on the off chance, you're a small business taxpayer, rather than just an employee, you can claim the laptop as an outright deduction (rather than depreciating it over three years) if it's < $1 000.

 

[Burgey]

"Derivation of income"...

What about that bottle of Dom at lunch ffs? Come on HJ, good oil or none at all...

 

[howardj]

Fully claimable.

Always.

 

[Burgey]

Fully claimable.

Always.

I love you man.....

 

[howardj]

Claim early, and claim often.

 

[Mr Casson]

What the 'nexus' encapsulates is still pretty vague to me. Say I have to log on to the work VPN occasionally, would that make a laptop purchase tax deductible?

 

[howardj]

Yeah, just a connection between the earning assessable income and the use of the thing.

So, if you need one to log in from home/on the road etc, then you might use the thing 50% of the time for work purposes and 50% for private purposes.

In which case, your claim is halved.

 

[cpr]

So, the Aussie tax system, are you lot as lax as we are for checking what people are actually claiming for?? Managed to see one today where someone had written off their entire £100k income in expenses, and we'd accepted it.... Had to admit I was impressed.

 

[Craig]

So, the Aussie tax system, are you lot as lax as we are for checking what people are actually claiming for?? Managed to see one today where someone had written off their entire £100k income in expenses, and we'd accepted it.... Had to admit I was impressed.

Just hope he doesn't get audited. I know of someone who just claims for everything until you need a receipt for it.