Business & Finance Claiming for tax

[Allikat]

Not up front as in taking on a HECS debt?

Yep. Should also mention that I was accountant before my current job, so it's all done correctly.

 

[Teagueeee15]

Yep. Should also mention that I was accountant before my current job, so it's all done correctly.

That’s correct, you can claim for fees payable under FEE-HELP, but cannnot claim for expenses under HECS-HELP.

 

[Brunswick Trap King]

If you rob a servo, you don't have to pay tax on whatever you take.

Didn't some guy get to write off ~100k in drug money because he had his supply stolen? I think the ATO came at him for not declaring trafficking money so he successfully wrote off a fair chunk of it in losses.

 

[Gigantic]

If you rob a servo, you don't have to pay tax on whatever you take.

Although if you do it routinely as a form of "income" then it could be taxable

 

[IKnowtheDog]

Didn't some guy get to write off ~100k in drug money because he had his supply stolen? I think the ATO came at him for not declaring trafficking money so he successfully wrote off a fair chunk of it in losses.

Here's the case in question

https://www.theage.com.au/articles/2004/10/27/1098667835627.html

 

[brucetiki]

If you ended up with a tax bill last year, is the amount you paid still tax deductible the following year?

 

[Deliverance]

How do I claim losses on cryptocurrency I can't sell?

 

[Golden_6]

How do I claim losses on cryptocurrency I can't sell?

They get quarantined as capital losses until you make a capital gain that can be offset using these losses.

 

[Deliverance]

They get quarantined as capital losses until you make a capital gain that can be offset using these losses.

I have the capital gain, but I can't find an exchange to sell the crypto on.

 

[iluvparis]

I have the capital gain, but I can't find an exchange to sell the crypto on.

Then bad luck - you don't have a capital loss until you sell

 

[Deliverance]

Then bad luck - you don't have a capital loss until you sell

Thought that might be the case. Was hoping for a mirac.Thanks

 

[Sainteric]

Didn't some guy get to write off ~100k in drug money because he had his supply stolen? I think the ATO came at him for not declaring trafficking money so he successfully wrote off a fair chunk of it in losses.

Here's the case in question

https://www.theage.com.au/articles/2004/10/27/1098667835627.html

That's an interesting case. Usually costs/losses for illegal activities would not be tax deductable, revenue from illegal activity would be taken by the feds or state cops. Because the Ato wanted to tax illegal income the drug dealer can claim a loss.

The ATO spent years taking a case to the HC for 100k , Gov money spent well.