TAX TIME
Thread Starter
Join Date: Apr 2002
Location: Terranora
Posts: 53
Likes: 0
Received 0 Likes
on
0 Posts
TAX TIME
Yes it's that time again...... TAX TIME.
I was just wondering if anyone knows of any Aviation Accountants, preferably on the Gold Coast or Brisbane areas.
Thanks
I was just wondering if anyone knows of any Aviation Accountants, preferably on the Gold Coast or Brisbane areas.
Thanks
Join Date: Jun 2010
Location: Sydney
Age: 41
Posts: 483
Likes: 0
Received 0 Likes
on
0 Posts
One thing I find very confusing is what we can claim as a tax deduction when it comes to meal allowances and overnight incidentals.
Anybody have any information about this?
Anybody have any information about this?
The ATO website has some examples of 'reasonable' allowances. For a layover away from home where the company provides accommodation but not meals it's about $115 per day. Your employer should pay the current Award rates which are close to that, and on your payslip these should be shown as non-taxed.
At tax time you declare allowances as income, but also claim the same as fully deductible expenses for which receipts are not required. If you want to claim a greater amount you have to substantiate with receipts. If you arrange your own accommodation, there is a greater amount that you can claim. Something like that anyway.
If your accountant is any good, he/she will know what you can claim by way of dry-cleaning, uniform, chart subscriptions, licence renewal, medical etc. Unless your investments are complex, with a bit of research on the ATO site, you could do it all yourself. Though there is probably less chance of being audited if you do use an accountant. There is no real specialisation required for dealing with pilots - we really aren't as 'special' as some of us think. The days when pilots could claim the upkeep of a guard dog to protect the missus while they were away have long gone (that was once the case before the ATO rightly stopped it!).
A news release this morning said that work-related expenses are on the ATO's hit list this year, so unless you want to attract attention avoid spivvy accountants who claim that they can milk every advantage because they are aviation experts. Unless you are earning mega-bucks, what will a spiv claim gain you? I would not bother travelling afar just to find an accountant who flies a Cherokee and charges extra when you come through the door wearing Ray Bans.
At tax time you declare allowances as income, but also claim the same as fully deductible expenses for which receipts are not required. If you want to claim a greater amount you have to substantiate with receipts. If you arrange your own accommodation, there is a greater amount that you can claim. Something like that anyway.
If your accountant is any good, he/she will know what you can claim by way of dry-cleaning, uniform, chart subscriptions, licence renewal, medical etc. Unless your investments are complex, with a bit of research on the ATO site, you could do it all yourself. Though there is probably less chance of being audited if you do use an accountant. There is no real specialisation required for dealing with pilots - we really aren't as 'special' as some of us think. The days when pilots could claim the upkeep of a guard dog to protect the missus while they were away have long gone (that was once the case before the ATO rightly stopped it!).
A news release this morning said that work-related expenses are on the ATO's hit list this year, so unless you want to attract attention avoid spivvy accountants who claim that they can milk every advantage because they are aviation experts. Unless you are earning mega-bucks, what will a spiv claim gain you? I would not bother travelling afar just to find an accountant who flies a Cherokee and charges extra when you come through the door wearing Ray Bans.
Last edited by Mach E Avelli; 15th Jul 2013 at 22:29.
