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When I was working full time I owned two properties. I have since sold them and gone back to uni where Im grateful to be receiving Austudy (ie not taxable income).
In the last financial year my accountant fee was something like $730 as he had a bit of work to do finalising tax matters after the sale of the properties.
I noticed that the ~$730 tax deduction made no difference ~ is this because Im not even in the realm of being taxed, so a tax deduction whether $10 or $1000, makes no difference? It was quite a hit as a student, so Im just checking if this is right.
Thanks in advance!
Thankyou so much!
Im wondering why they even asked about my tax deductions when my below tax threshold income was prefilled by them already ie they knew tax deductions wouldnt make a difference?
Is it because tax deductions can be carried over to the next financial year... if I was to get a job and be in taxable bracket it could be deducted then?
Many thanks and this is my last Q! ; )
By "they", I presume you mean the ATO. They ask because they have to, not because because they have calculated whether or not it will make a difference.
Only if you have a loss (negative taxable income) can deductions be carried forwards.
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