All Topics / Legal & Accounting / Do you need receipts in able to claim investment property tax return?

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of NanNan
    Participant
    @nano
    Join Date: 2015
    Post Count: 26

    Hi,

    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?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    You need receipts! Tax invoices

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    And you cannot claim your own labour.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of NanNan
    Participant
    @nano
    Join Date: 2015
    Post Count: 26

    Thank you Terry:)

    Profile photo of blackhotelblackhotel
    Participant
    @blackhotel
    Join Date: 2010
    Post Count: 140

    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.

    Profile photo of NanNan
    Participant
    @nano
    Join Date: 2015
    Post Count: 26

    very good point blackhotel. I agree with you, ATO ask for receipts. The hand written receipts are receipts too. That is my understanding too. Anyone correct us if we are wrong:)

Viewing 6 posts - 1 through 6 (of 6 total)

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