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25 CLAIMS Individual and Business should know

21Apr

25 CLAIMS Individual and Business should know

By Knowledge Centre 0 Comments
  1. Claiming self-education expenses when there is no nexus to earning income.
  2. Claiming home office expenses where the house is not a place of business.
  3. Claiming a tax deduction for superannuation guarantee payments that were paid late.
  4. Claiming repairs on rental properties which are clearly improvements or renovations.
  5. Claiming work-related expenses without having receipts.
  6. Claiming deductions and GST input tax credits for personal items that are not related to business activities.
  7. Claiming loan repayments on rental properties instead of the interest portion only.
  8. Claiming 100% of GST on purchase of vehicles or other equipment which are partly used for private purposes.
  9. Claiming travel expenses which are clearly personal.
  10. Claiming GST on entertainment expenses
  11. Claiming entertainment expenses as staff amenities.
  12. Claiming home electricity and telephone expenses 100% as business.
  13. Claiming CGT concessions on property sold as a developer.
  14. Claiming GST credits on residential investment property you intend to keep.
  15. Claiming life insurance payments as personal accident cover.
  16. Claiming deductions against allowances that cannot be substantiated.
  17. Claiming donations with inadequate receipts or claiming non-deductible gifts as donations.
  18. Claiming ineligible donations – some where you receive a benefit.
  19. Claiming expenses paid by cash and without receipts.
  20. Claiming a deduction for work clothes that are not distinctively a uniform.
  21. Claiming as a deduction laundry or dry-cleaning for regular work clothing.
  22. Claiming depreciation on home office furniture or fixtures which is partly used for private use.
  23. Claiming legal expenses that have no relation to income and are capital.
  24. Replacing items in rental properties and claiming them as repairs rather than depreciating them.
  25. Wrongly claiming borrowing costs on financing investment property.

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