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Not at all. That's asking for a problem. Also a business can only deduct expenses necessarily incurred in it earning its own income. Not yours. No private expenses, no expenses for third parties eg private rent, paying a spouse, a big arsee TV etc, interstate non-related travel etc and even...

The $1K depreciation issue isn't right.If you are an individual taxpayer (non-business) or own IPs the cap is $300 per item. If you are in business its (ex-GST and adjusting for non-business use) $1000 pre budget and $20K per item post budget You cant claim deductions for a property you...

That's isn't what the spruiker is offering. Its not a free deduction of $13K a year. Look at all the property cashflows, deductions etc and potential to appreciate etc. And ask yourself how overvalued it may be. Spruiking just one of the deductions would be like me saying you can claim a...

Fully Lucky does not need to lodge a return. His depreciation deductions always equal his income.

The $300 is tax deductible. It is a tax deduction to reduce taxable income. Thereafter the taxpayer marginal tax rate determines the value of the deduction. A tax deduction ONLY reduces taxable income. The amount likely to reflect as a actual reduction in tax payable will vary between 0% and...

Trick answer...Nothing unless you have had excessive tax withheld and expect a refund. refunds don't happen due to deductions. A tax deduction reduces the tax payable. What generates a refund is overpaying instalments or other forms of withheld tax. A person on an income of $15K with no employer...

You could use a tax agent and discuss your personal situation with them in detail and identify a range of strategies which may be available that suit your circumstances. The fee is tax deductible too.

Your expectations appear incorrect. You cant have a taxable income of zero and enjoy a good lifestyle. If there is a $30K tax SHORTFALL when the return is prepared you should discuss those strategies with your accountant. Put into perspective, if your income is $1m paying $30K in tax is...