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35: Top 15 Tax Myths Debunked: What You Need to Know Before Filing
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Are you falling for these common tax myths? Get the real deal on what's deductible and what's not.
In this episode, Sally Preston tackles some of the most pervasive myths and misconceptions about taxes that could be putting you at risk of ATO scrutiny and significant penalties. For anyone who needs to lodge a tax return you need to understand what you can and can’t claim as a deduction and when you must report amounts you receive as income. Her insights will help you navigate the complexities of tax law and make more informed financial decisions.
In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:
- Breaking down what counts as assessable income and the concept of statutory income (01:15)
- How to determine if an expense is deductible and the importance of substantiation (04:30]
- Myth #1: Are your mobile phone expenses fully deductible if you use it for work? (06:06)
- Myth #2: Can you claim all travel expenses for a conference? Learn about the rules on apportionment (06:51)
- Myth #03: Working overseas? Find out if your income is still taxable in Australia (08:10)
- Myth #4: Can you claim a gym membership as a tax deduction? Only if you're in a very specific job role (09:53)
- Myth #5: When is clothing a deductible expense? Understand the criteria for work-related clothing (11:08)
- Myth #6: Is a bank statement enough evidence for deductions? Discover the importance of keeping receipts (12:36)
- Myth #7: Can you claim newspaper subscriptions? Learn about the connection needed between expenses and income generation (13:31)
- Myth #8: Debunking the "automatic" deduction for work-related expenses (14:28)
- Myth #9: Thinking of using a company or trust to cap your tax? Understand personal services income rules (16:04)
- Myth #10: Can you offset your hobby losses against your salary? Know the criteria for deducting side hustle losses (17:49)
- Myth #1 for investors: Can you claim the cost of accommodation and flights if you attend an Annual General Meeting (AGM) for a company you hold shares in? (20:12)
- Myth #2 for investors: Are the costs of travelling to see a rental property deductible? (22:14)
- Myth #3 for investors: Are all interest costs on a loan deductible if it is for an investment property? (23:29)
- Myth #4 for investors: Is income from overseas sources exempt from being included in an Australian tax return if tax has already been paid in the foreign country? (24:27)
- Myth #5 for investors: Can you rent your investment property to a family member and claim a deduction for all expenses? (25:11)
From understanding assessable income to debunking myths about deductions, this episode is a must-listen for anyone earning an income in Australia. Stay smart with your taxes by getting to the bottom of these common myths!
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