That’s right, when you earn income from renting out a room, either by traditional means or through the sharing economy, you receive rental income.

When you receive rental income there are some expenses you can claim, but there needs to be an apportionment of the expenses between private and deductible.

The ATO have issued a fact sheet with some common examples, this is a great read if you are considering renting out a room, you’ll find it here.

Importantly, if you are considering renting out a room in your home, please contact me to discuss the impact on your taxable income and for advice on appropriate records to keep – it’s very difficult to go back and get information after the event has passed.

Preparation is key!

Regards

There are over 8 million taxpayers claiming work-related deductions and the Australian Taxation Office (ATO) are checking them out!

In 2014/15 approximately 450,000 income tax returns were scrutinised and that number is climbing every year as technology advancements are made.

The past few weeks has seen me exposing some of the dodgy deductions the ATO have picked up on, I hope you enjoyed the read.

Case study 5 – self-education:

A taxpayer claimed self-education expenses for the cost of leasing a property, which was not his main residence.

The taxpayer claimed he had to incur the expense of renting the property as he ‘required peace and quiet for uninterrupted study which he could not have in his own home’.  This was not deductible.

In addition to the rental expenses, the cost of a storage facility was claimed where ‘the taxpayer needed to store his books and study materials’.

He claimed he needed this because of the huge amount of books and study material associated with his course and had no space in his private or rented residence where these could be housed.  This was not deductible.

The cost of renting the property was around $57,000, with additional expenses of $7,500 for the storage facility.  The actual cost of the program he attended that year was only $1,200.

Oh my…

Regards

So tomorrow is my birthday but you guys get the presents!

If nothing changes, then nothing changes.  If you want a different result then you can’t do the same things you’ve always done.  Actions speak louder than words.  Have you heard these sayings before?

During this year, one of the qualifications I obtained during my coaching training was that of Extended DISC consultant – Extended DISC is a behavioural profiling tool which sounds a little scary, but I’ve found that it has been most valuable for me, and others who have gone through the process feel exactly the same way.

We all have a natural behavioural style where we are most comfortable and at which we perform at our peak…and when you know this style and how to best achieve it – the opportunities are endless.

The benefits of Extended DISC include discovering the real you and owning your actions, improved communication and the opportunity to explore new pathways and enhance your personal and professional growth – it is a very exciting tool!

An Extended DISC consultation including an online questionnaire, a personalised report and 2 hours with me to completely debrief the report retails for $990.

I currently have 5 personalised reports and 2 hour sessions with me available for just $550 (it was going to be $574.20 being 42% off but I figured I might as well round down!)

This special is only available until sold out, so don’t delay.

What will you do to set yourself apart for 2017?  Now is the perfect time to take action!

To take up this exclusive offer, please e-mail bron@bronlevettcoaching.com or get in touch here and I’ll pass your details on.

Regards

PS I’d love a present in a little blue box like this, but I fear I may have to go shopping for it myself…

There are over 8 million taxpayers claiming work-related deductions and the Australian Taxation Office (ATO) are checking them out!

In 2014/15 approximately 450,000 income tax returns were scrutinised and that number is climbing every year as technology advancements are made.

The following weeks will see me exposing some of the dodgy deductions the ATO have picked up on, I hope you enjoy the read.

Case study 4 – Car expenses

A taxpayer claimed deductions for car expenses using the log book method.

The ATO found they had recorded kilometres in their log book on days where there was no record of the car travelling on the toll roads, and further enquiries identified that the taxpayer was out of the country.

Their claims were disallowed.

Regards