Well isn't this GREAT news. Any fees paid to us (Gotax) are tax deductible, woo hoo.
And what's even better is that the more you pay us the greater the tax deduction.
So using that logic we should be charging more to give you a greater tax deductible benefit. Well it doesn't quite work like that as you need to look at the tax effect of the tax deduction. We have blogged about this previously, so look it up.
Back to the topic. Sorry, straying again.
Anyway, all costs associated with managing your tax affairs are in fact tax deductible.
They could include:
Preparing and lodging tax returns and activity statements.
Fees paid to a recognised tax adviser for preparing and lodging your tax return.
Travel to obtain tax advise
Purchasing tax reference material.
Dealing with the ATO in regards to your tax affairs
Appeals made against decisions by the ATO that you dispute.
And interest charges imposed by the ATO.
Cost of valuations required for tax purposes.
And NO deduction is valid if the advise is given by someone who is not sanctioned by the ATO, i.e., a person who is not a recognised tax adviser. Just so you have peace of mind - yes, at GoTax we are one of the recognised ones.
Note that Penalties issued by the ATO are specifically non deductible, so no chance there.
Now don't forget to keep your receipts and do that log book (if you use your car for work). And what better way to keep all that till year end than downloading the brilliant, fantastic and sexy Gotax Deduction Grabber. Scan the QR Code and get cracking NOW!!.
Go online this instant to get an instant tax return ... gotax.com.au