This must be a very dumb question, lol.
Do we need to have receipts for everything you want to claim for investment propert tax return?
Like lawn mowing, if we have some cash workers to do it for us, but they don’t have tax invoice for us, is it okay?
Also for the home appliance or furniture, if we want to buy second hand from gumtree without tax invoice, is it still tax deductible? How do we prove to ATO if we don’t have formal tax inovice?
If we want to do the renovation by ourselves to save money. For the renovation, if we buy things from bunnings etc, we will have receipts. But how about our labour work? Is it tax deductible? Can we use market labour price to estimate the cost for labour?
Sorry, I am new to investment property, still try to get my head around regarding what can be tax return and how to get as much tax return as I can. Where to get these kinds of knowledge?TerrywParticipant@terrywJoin Date: 2001Post Count: 16,190TerrywParticipant@terrywJoin Date: 2001Post Count: 16,190blackhotelParticipant@blackhotelJoin Date: 2010Post Count: 139
As I understand it you need receipts if you are only audited by the ATO which could be never. Get receipts from the people who you buy from on Gumtree. Just a simple one on a sheet of paper. Does not have to be tax invoice if your not claiming GST. Also, most small businesses that turn over less than $70K don’t charge GST anyways.