Cost of Managing Tax Affairs

Tax Affairs

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.

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