005. Tax Bite: Things You Can't Claim On Tax

Welcome to Small Business All Figured Out - The Tax Bite Edition. 

These Tax Bites are created for you, the individual taxpayer, to give you tax tips and tools to help you prepare for Tax Time 2020 in Australia. This Tax Bite Edition is hosted by Registered Tax Agents and CPA’s Sheryl Cole and Corinne Cole.

Special Tax Bite episodes will be happening in the lead up to tax time 2020 to help you prepare for tax time and get the inside scoop as to what you can and can’t claim on tax and what documentation you need to ensure your claim holds up in an ATO audit.

In this episode, we’re talking about all the things that you just can’t claim as a tax deduction in your tax return. There are a lot of misconceptions and misinformation out there as to what is -  and what is not - tax-deductible. 

In this Tax Bite, we talk about:

• The 3 Golden Rules for claiming a tax deduction;
• 17 of the most common tax deduction myths and misunderstandings that are actually not allowable tax deductions at all, except in very special cases;
• The documentation you must have to survive an ATO audit;

You can learn more about the show hosts, Corinne Cole and Sheryl Cole at:
platinumaccounting.com.au