Tax Deductions

The Australian taxation system is vast and complex. It has also evolved over many decades of case law and the distinction between tax deductible and non-tax deductible is often imprecise. The Australian Tax Office (“ATO”) can provide guidance and assistance to taxpayers seeking help with their tax affairs, but they are first and foremost there to collect tax, and as much of it as possible. Their advice is oriented to guide you as to how to pay tax and not necessarily to assist you to understand how to not pay tax.

The team at Abbotts assist our clients to achieve a taxation outcome that is correct at law. The opinions of the ATO are not always correct at law and they are not always explained in a manner likely to help a taxpayer achieve certainty about their tax affairs.

We apply a strategic and legal mindset to taxation so as to ensure our clients have the peace of mind that they are paying the correct amount.

Businesses are complex and diverse and so is the taxation planning and strategic decisions that need to be made to ensure the correct tax is imposed. Abbotts understands the complexity of business in Australia and continuously seek out opportunities for our clients to protect their interests in respect to their taxation obligations.

Abbotts has extensive experience in all facets of tax deductible expense claims associated with running and managing a business enterprise. Our staff are highly trained and experienced in an extremely wide variety of industries and structures.

Employees may be able to claim a deduction for expenses that directly relate to their work. If the expense was for both work and private purposes, only the work-related portion of the deduction can be claimed. Work expenses reimbursed to you by your employer are not deductible.

 

These deductions are available to individual taxpayers, assuming relevant records have been kept. The team at Abbotts can assist you in understanding what expenses can be claimed as a deduction based upon its eligibility to the legislation.

Our clients strive to build wealth and financial security. Naturally enough that wealth is often investment oriented and generates both income and capital growth. Our role at Abbotts is to ensure that as much of the income and capital growth is kept and retained by our clients, minimising the impact of taxes through good planning and the application of a thorough understanding of taxation law.

Our Tax Deduction Specialist

David Drake

Partner, Abbotts Chartered Accountants

David is our Tax Specialist and has worked in the tax and accounting field since 1982. David spent several years early in his career working in the ATO. He joined the Abbotts team in 1997 and became a Partner of the Practice in July 2000.

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