Home » Knowledge Centre » 25 CLAIMS Individual and Business should know

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.

Share this post

Related Posts

26Apr

Small & Medium Business Concern 2022 – Petrol Price is big Deal, Why?

Businesses are facing 1 after another big challenges, at some point no clue what’s coming next. Since January 2020... read more

21Apr

Starting a business can be cheaper than you think during Covid-19 pandemic

Thousands of new businesses open every day. If all those people can do it, why not you? Here’s what... read more

26Apr

TOP TWENTY 2022 -2023 BUDGET HIGHLIGHTS

Low- and middle-income tax offset (LMITO) increased by $420 for 2021-22 - a one-off $420 cost of living... read more

26Apr

GST on Car Purchase

If supplier is register for GST, yes you can claim GST on Expenses. Subject to confirmation of payment, including... read more

26Apr

SMALL Business Tips

Small business owners has many tax benefits, examples Business start-up costs immediate deductions. Claim certain prepaid expenses costing less... read more

26Apr

5 things you don’t know about 2021-2022 GST, BAS and TAX – May save on Tax and GST

Income from Service NSW are Tax Exempt and GST Free You do not have to pay tax on... read more

26Apr

Is Your ABN Correct?

We’re heading into a new calendar year. It’s a great time to do some business ‘spring cleaning’ and make... read more

26Apr

Entitled to an ABN

You're entitled to an ABN if you're carrying on or starting an enterprise in Australia or making supplies connected with Australia's indirect tax... read more

21Apr

TOP TWENTY TIPS for Business to AVOID

Is a company right for you? Choosing a company name How will your company operate? Understand your obligations as... read more

26Apr

Downsizing contributions into superannuation

If you have reached the eligible age, you may be able to contribute up to $300,000 from the proceeds... read more