1. you will need to lodge a tax return at the end of the financial year. You can: (a) go to a tax professional (they'll charge you a fortune, i would. show more 1. you will need to lodge a tax return at the end of the financial year. You can:
(a) go to a tax professional (they'll charge you a fortune, i would know, i am an accountant)
(b) complete a tax-pack - available from your newsagent and it's free
(c) use E-tax, a tax software you download from the tax office and lodge your return electronically. this is also free and available from www.ato.gov.au (you can use your laptop haha)
2. Decide what type of work expenses they are and wehre to put them in the tax return. Those expenses you describe sound like self education expenses, so they would go under that part of the tax return. If the course is related to your current line of work, you can deduct all of the $240 of the course. The laptop however, cannot be claimed. You can only claim the depreciation or decline in value of it. A laptop has an effective life of 3 years. Using diminishing value,
you can claim 66.67% of the written down value each year. Under straight line, you can claim 50% of the original value over the three years. You may also need to consider your personal use of the laptop also.
Other things you may be able to claim with self education would be travel for the course, stationary and some home office, if you study at home.
With Self education expenses also, you may be required to reduce your deduction amount by $250. It's a stupid rule, but it exists. You can get around this by claiming travel via the cents per kilometre method.
Below is a link to details about self education expenses from the tax office.
But as people have said, you won't get dollar for dollar back by "claiming" them. All it will do is reduce your taxable income. For example you have a group certificate that says $10,000 and have $2,000 worth of expenses. You won't get $2000 back. What will happen is, instead of being taxed (ar your marginal rate) on the $10,000, you'll be taxed on the $8,000 instead.
If you need any more help, let me know.
Recky · 8 years ago