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Tax deductions for subscriptions, special fees and levies

Many professional, business or trades people are members of an association, and during their working life subscribe to an appropriate organisation.

In most cases the membership of a trade union for example, or professional association relevant to workers in a particular occupation, would qualify for a tax deduction under the general deduction provisions of the tax laws.

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Rental property tax deductions that are often misunderstood

Many property investors are making simple mistakes when claiming tax deductions for their rental property, which could be avoided with a little guidance.

The following checklist provides examples of many of the common claimable and non-claimable rental property expenses. Check them off to see where you stand, and please contact us for more information specific to your situation.

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Are you a share investor or a share trader?

There’s a saying that many sharemarket investors may have already heard: Don’t let the tax tail wag the investment dog. In other words, the best advice for your share portfolio is to base your decisions on investment merit, not on trying to save tax.

Even so, there are taxation consequences for everyone with an investment portfolio, so when a “grass is greener” tax option seems possible, it can be very tempting to chase after it.

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Taxing kids’ savings accounts

Back in the 1980s, people could reduce tax by having their money in bank accounts belonging to their kids. In 1988, the Tax Office intervened by issuing guidance about how they tax children’s savings accounts.

Thanks to a simple criterion and penal tax rates, parents cannot pass off their money as mere pocket money for the kids in order to avoid paying tax on interest they earn.

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Are you aware of the tax implications of working overseas?

Do you know if you are a resident or non-resident for tax purposes? Do you understand the tax implications of working overseas?

Thousands of Australians head offshore each year to expand their horizons. Some will fund their adventure by working overseas. Some may be living and working overseas for an extended period. There can often be confusion about the tax implications for Australians who take advantage of such offshore opportunities.

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