• Moneycorp currency Transfers
  • Page 2 of 2 FirstFirst 12
    Results 11 to 12 of 12
    Like Tree5Likes

    Thread: Accounting for Tax

    1. #11
      Mark Xpnsit
      Quote Originally Posted by fredhargreaves View Post
      @jimanG - in general you would be best to wait until you are actually working or in business here as an accountant. Expenses incurred in getting you ready to do business are often not allowable, once in business lots of things are allowable. Obvious example, a medical student can't claim education expenses, but once set up as a doctor ongoing self-education is allowable. Watch out also for the trap that they don't allow interest against your domestic house mortgage as a deduction against a rental property, so even though that's accounting nonsense you have to be careful how you borrow to avoid that trap in some other scenarios.

      In general you will find the ATO (i.e. the oz revenue) very helpful, accessible and well run compared with the UK revenue, except that they do want their money in the end. You can find out a lot by trawling their website if you have the time.

      oops - I just noticed cliffy's post above - that's absolutely correct.
      Just a quick note on your example above - you say a medical student can't claim eduction expenses, a month or two ago that would have been spot on, but the situation has changed as a result of a recent high-court battle. It means that students claiming austudy or youth allowance should be able to claim back self-study expenses

      You can find out more here - Tax Allowance Victory For Students Receiving Austudy or Youth Allowance - XPNSIT

    2. #12
      @mark xpnsit - That is correct - I did not choose a good example. Although it remains to be seen if the ATO will allow that to prevail for long. They were obviously surprised by the ruling.

      The more general point of relevance to migrants setting up business here or buying rental property etc is that there can be expenses incurred ahead of trading (or renting) which cannot be written off because the ATO view is that they were not incurred in the generation of income - i.e. they have to be treated as capital.

      Simple example (I hope this time - vet this one if you will mark xpnsit) - don't buy a rental property, renovate it, and then rent it out. Buy it, rent it out, then renovate it gradually, calling the renovations repairs.


    Page 2 of 2 FirstFirst 12

    Similar Threads

    1. Accounting jobs
      By veeba in forum Jobs & Careers
      Replies: 0
      Last Post: 07-01-2010, 11:49 AM
    2. Networking and Accounting jobs in adelaide!!
      By magy in forum Jobs & Careers
      Replies: 0
      Last Post: 24-08-2009, 06:20 AM
    3. Accounting homework help
      By Anjel in forum Kids Down Under
      Replies: 1
      Last Post: 29-05-2009, 11:00 PM
    Copyright © 2006 - 2015 Australia Migration Forums