On Saturday 11 April, Michael Fox, had the pleasure of presenting a Q & A session with students of the Jonathan Coleman Ministry of Dance in North Melbourne.
The following 10 important tax matters were discussed:
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- 1. How to Claim Tax Deductions on Your Return
– general deductions principal
– accuracy of job and business descriptions
– three categories: work-related, business and investment-
- 2. Industry Specific Deductions
– hair and make-up
– beauty treatments
– timing of claims to income-
- 3. Non-Industry Specific Deductions
– phone and internet
– office supplies
– travel costs-
- 4. Motor Vehicle Claims
– cents per km
– log book
– commercial vehicles-
- 5. Working from Home Claims
– your name must be on the lease
– keeping a record of your time
– claiming rent v claiming cents per hour-
- 6. Commencing in Business
– indicators of being in business
– applying for an ABN
– business loss provisions for artists-
- 7. Instant Asset Write-Off and Depreciation
– depreciation applies to capital purchases
– employees claim depreciation on a daily basis
– instant asset write-off is a business claim-
- 8. Goods and Services Tax
– registration mandatory if your sales exceed $75,000
– commencement date
– tax invoices and bookkeeping software-
- 9. Income Averaging Scheme
– separates income into eligible and non-eligible streams
– determining eligibility
– generous tax concession in year 1 of scheme-
- 10. Recent Changes to Superannuation
– sole traders may need to be paid super
– control test and personal services income
– payday super commences 1 July 2026
- 10. Recent Changes to Superannuation
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- 9. Income Averaging Scheme
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- 8. Goods and Services Tax
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- 7. Instant Asset Write-Off and Depreciation
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- 6. Commencing in Business
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- 5. Working from Home Claims
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- 4. Motor Vehicle Claims
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- 3. Non-Industry Specific Deductions
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- 2. Industry Specific Deductions
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- 1. How to Claim Tax Deductions on Your Return