Tax Return

From: Adam Randall

just had my tax done today expecting that I would not be able to claim (against my income) the GST component of any of my purchases (maintenance, tools, rates etc), and my accountant told me I could, he is a CPA for a big firm in town, so I assume he knows what he's talking about, does this sound right or has he got it wrong.
Regards Adam
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Reply: 1
From: James C


I'm not an accountant and I should put something about you should seek the advice of CPA in here. That said I recently read in a book called "Seven steps to wealth" that the total amount of the expense, including the amount of GST is allowed as an income tax deduction. What you can't claim is the GST portion of the expense as a tax credit, meaning it comes directly off you tax.

Hope this helps, James.
By the way the books a good straight forward read.
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Reply: 1.1
From: Mike .

Hi Adam,

I agree with James. Rent is GST free, therefore, the landlord cannot claim input tax credits for the GST he or she pays on goods and services to manage the property. Since the landlord is not entitled to input tax credits they may claim the GST component of all allowable deductions.

Regards, Mike
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Reply: 2
From: Dale Gatherum-Goss


Your accountant was right. You may claim the total outlay including GST.

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Tax Return GST Claim What amount

Reply: 3.1
From: Anonymous

Could anyone explain in English.

Just say I spend $1000 for painting and the GST is $100.

Total paid is $1100.

Tax return time .

What amount do I put down as my cost in the deductions section for my rental IP?

$1000 or $1100.

Thanks in advance
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Tax Return GST Claim What amount

Reply: 3.1.1
From: Robert Forward


But don't be scared to ask your accountant.

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