The preparation of your tax return, financial statements, Payroll and BAS are just some of the things to consider when thinking about your accounting and tax compliance needs.
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You may be able to claim a deduction for expenses that directly relate to your work, including:
- Vehicle and travel expenses
- Clothing, laundry and dry-cleaning expenses
- Home office expenses
- Self-education expenses
- Tools, equipment and other assets
- Other work-related deductions
You can generally claim an immediate deduction against your current year’s income for your expenses related to the management and maintenance of the property, including interest on loans.
- property is negatively geared when the rental return is less than your interest repayments and outgoings.
- taxpayers with a higher taxable income may choose a negatively geared investment property in order to claim any loss on the property against their other taxable income. They may also benefit from any long-term capital growth potential.