You may already be doing this but will be in your favour if you delay lodgement of the return until next year. If you go through a tax agent they will get until mid May 2011 to lodge FY10 returns (they can even apply for extensions until June), will give you some more time to save some $$ or will save you interest.  Also if you pay from your LOC t…[Read more]

Hi Cataldop, If you take a strict interpretation of the tax law, you cannot claim a tax deduction for income tax paid and costs incurred to pay the said amount of tax (ie: if I was to take out a loan to pay tax, the interest component would not be tax deductible). I would agree with the advice you have been given by your accountant.HOWEVER… if…[Read more]