Loading
This thread is archived and the information may not be up-to-date. You can't reply to this thread.
Maxap(Newbie)Newbie
27 Aug 2024

Hello


i I started a share investment portfolio late in the last FY. This included subscribing to an advisory service. I am yet to realise any income from this form of investment but will in the current FY as dividends are reported. When I tried to use the online tax system and record it in the dividend section it raised a question that I was claiming a deduction when there were no dividends recorded. Do I claim the subscription service in the year of the expense even though my portfolio was yet to produce income or is it carried over to the first income producing year?


thanks in advance

365 views
2 replies
365 views
2 replies

Most helpful response

Most helpful replyATO Certified Response

AshleyATO(Tax Time Tech Expert)Tax Time Tech Expert
ATO Certified Response29 Aug 2024

Hi @Maxap,


You can claim a deduction for costs that you incur to invest in shares, for example:

 

  • Ongoing management fees or retainers
  • Fees for advice about changes in your investment mix
  • The portion of your costs that are for managing your investments
    • The cost of specialist investment journals and subscriptions
    • Borrowing costs and interest
    • Some travel expenses, for example to attend the annual general meeting of a company that you have shares in.

 

You would need to claim the deductions in the income year that your incur the expense, and you need to keep records to show that you incurred the expense.


You may also want to consider if you’re investing or trading as that can change the income from revenue or capital, you can read more about it on our website.


All replies

Most helpful replyATO Certified Response

AshleyATO(Tax Time Tech Expert)Tax Time Tech Expert
ATO Certified Response29 Aug 2024

Hi @Maxap,


You can claim a deduction for costs that you incur to invest in shares, for example:

 

  • Ongoing management fees or retainers
  • Fees for advice about changes in your investment mix
  • The portion of your costs that are for managing your investments
    • The cost of specialist investment journals and subscriptions
    • Borrowing costs and interest
    • Some travel expenses, for example to attend the annual general meeting of a company that you have shares in.

 

You would need to claim the deductions in the income year that your incur the expense, and you need to keep records to show that you incurred the expense.


You may also want to consider if you’re investing or trading as that can change the income from revenue or capital, you can read more about it on our website.


Liked by Maxap

Featured articles

Tax tips for managing your side hustle

22 Apr 2024 · 6 min read time

Tax on gifts and inheritances

15 Apr 2026 · 5 min read time

How much tax should I pay on a second job? Claiming the tax-free threshold

15 Apr 2026 · 4 min read time

Top liked users

  1. Bruce4Tax

    (Taxicorn)

    3107 likes

  2. Taxduck

    (Taxicorn)

    2104 likes

  3. PayrollDeanne

    (Taxicorn)

    838 likes

  4. YellowPotato

    (Taxicorn)

    546 likes

  5. knaresbro

    (Devotee)

    368 likes

Top contributors

  1. Bruce4Tax

    (Taxicorn)

    9645contributions

  2. Taxduck

    (Taxicorn)

    4811contributions

  3. PayrollDeanne

    (Taxicorn)

    2044contributions

  4. YellowPotato

    (Taxicorn)

    1382contributions

  5. YEP

    (Devotee)

    836contributions

Loading
shares portfolio deductables | ATO Community