You can deduct the cost of managing your own tax affairs, such as the following expenses.
- Preparing and lodging your tax return and activity statements
- Travel associated with obtaining tax advice
- Appealing to the Administrative Appeals Tribunal or courts in relation to your tax return
- Obtaining a valuation needed for a deductible gift of property
You can also deduct the expenses you incur in preparing and lodging your tax return such as the list below.
- Buying tax reference material
- Lodging your tax return through a registered agent
- Obtaining tax advice from a recognized tax adviser
- Dealing with the ATO about your tax affairs
Also, if the ATO imposes an interest charge on you – for late payment, for example, or the amendment of your tax return – you can deduct the amount of those charges.
You can claim a deduction for your tax affairs by referring to the following steps.