should be under costs associated with investing

From: Adam Randall


I thought about claiming cashflow 1 and 2, as this could be classed as educational material, I decided against it because I would not want the hassle of trying to explain it to the tax department if questioned.
Regards Adam
 
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Reply: 1
From: Dale Gatherum-Goss


Hi

I have claimed these costs for many years without hassle. I believe that you would not have a problem providing you keep receipts, and can demonstrate that the games relate to your investment income.

In my opinion, you would be foolish to not get every cent that you legitimately can from the tax office.

Dale
 
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Reply: 1.1
From: Duncan M


>In my opinion, you would be
>foolish to not get every cent
>that you legitimately can from
>the tax office.

I agree. But...

Lets not forget that no matter how creatively you interpret the legislation, case law, and various rulings, advice, guidelines from the Tax Office at the end of the day if they disagree with your intepretation they can charge penalties.. If you choose to take the matter through the courts etc you'll need to devote some serious time and potentially money to your cause..

My own thoughts are, I'll stick within the guidelines of the rulings, every deduction I make against my income can be traced back to specific ATO advice, rulings or unambiguous legislation..

I'll let other blaze the trails, I'll follow :)

Duncan.
 
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Reply: 1.1.1
From: Dale Gatherum-Goss


Hi

I understand how you feel about this situation and I would never dream of advocating something that you do not feel comfortable with.

Tax law is ALWAYS shades of gray and never black and white.

To prove a point, recently, the ATO attacked someone who had relied on their own rulings and the ATO still won that case.

Keep good receipts.
Get good advice.
Document your mind set and thinking in spending money as later on, when under pressure, you may not recall all the reasons and benefits that you had in mind at the time.
Learn the rules and play by them to the limit of the law AND your comfort zone.

If you have a "reasonably arguable position" you will not be fined.

Good luck

Dale
 
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Reply: 1.1.1.1
From: Paul Zagoridis


Hi Dale

On 7/18/01 6:21:00 PM, Dale Gatherum-Goss wrote:
>Tax law is ALWAYS shades of
>gray and never black and
>white.
>
>To prove a point, recently,
>the ATO attacked someone who
>had relied on their own
>rulings and the ATO still won
>that case.

I am always amazed by people who ask the ATO for tax advice. They wont guarantee their own opinions.

If I want tax advice I go to a tax professional, or an accountant with a speed-dial 1 to a tax professional. ITP DON'T COUNT!

The rest of your post is priceless. I'm printing it out and stapling it to my wall! I need to keep better minutes.

>Keep good receipts.
>Get good advice.
>Document your mind set and
>thinking in spending money as
>later on, when under pressure,
>you may not recall all the
>reasons and benefits that you
>had in mind at the time.
>Learn the rules and play by
>them to the limit of the law
>AND your comfort zone.


Paul Zag
Dreamspinner
 
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