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Hi There,

 

My question relates to an application, called IRESS Viewpoint, that is provided by my online broker.  The application is provided for an additional ongoing monthly fee and provides a much more advanced and feature rich trading platform.

 

I am not a day trader, but I am reasonably active in the market.  I have used the application for a (relatively) short period, during this time I found provided me information that I otherwise would not have had access to (that helped in my investment decisions) and also made monitoring my existing investments much easier.

 

My question is, in the circumstances listed above, is the monthly fee for the IRESS application tax deductable?

 

Cheers,

Milk

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Hi @Milk,


Thanks for reaching out!


We can provide you with general information here on our Community and we'd need to know more details regarding your situation to be able to provide you with a definite answer.


Generally speaking, you can claim expenses incurred in earning income from interest, dividend or other related investments. This includes the cost relating to managing your investments, such as buying specialist investment journals and subscriptions fees. You can find more information on interest, dividend and other investment income deductions on our website. You can claim the deductions at D8 of your tax return when you've reported the investment income at item 11. You can find further information in our personal investors guide


If you think your situation is different from the information we've provided and on our website, you can write to us and request a private ruling. Private rulings are binding advice from us that explains our view on how the tax laws apply to your specific situation. They are a free service and we aim to respond within 28 days from receiving your request.

 

Thanks, JodieH

1 REPLY 1

Best answer

ATO Certified

Community Support

Replies 0

Hi @Milk,


Thanks for reaching out!


We can provide you with general information here on our Community and we'd need to know more details regarding your situation to be able to provide you with a definite answer.


Generally speaking, you can claim expenses incurred in earning income from interest, dividend or other related investments. This includes the cost relating to managing your investments, such as buying specialist investment journals and subscriptions fees. You can find more information on interest, dividend and other investment income deductions on our website. You can claim the deductions at D8 of your tax return when you've reported the investment income at item 11. You can find further information in our personal investors guide


If you think your situation is different from the information we've provided and on our website, you can write to us and request a private ruling. Private rulings are binding advice from us that explains our view on how the tax laws apply to your specific situation. They are a free service and we aim to respond within 28 days from receiving your request.

 

Thanks, JodieH

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