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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the latest in property, including the much-talked-about use of macro-prudential measures to cool the rapidly expanding market.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about soaring ETFs, what they are and why young investors, in particular, are jumping onboard their latest surge. Dr Zhong also takes a closer look at BNPL platforms.

And lastly, tax and super guru Timothy Munro gives his thoughts on Prime Minister Scott Morrison’s choice to backtrack on any further SG changes and looks at the impending end of the low and middle income tax offset.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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‘Bizarre’ tax time claims revealed

By Katarina Taurian

April 21 2017
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‘Bizarre’ tax time claims revealed

By Katarina Taurian
April 21 2017

Cigarettes and luxurious overseas holidays are just some of the things Australians have tried to get over the line at tax time, which is fast approaching for 2017.

‘Bizarre’ tax time claims revealed

By Katarina Taurian

April 21 2017
Share

Cigarettes and luxurious overseas holidays are just some of the things Australians have tried to get over the line at tax time, which is fast approaching for 2017.

Accounting franchise H&R Block did a sweeping survey of its offices after tax time last year to see what “bizarre deductions" Aussie taxpayers thought they were entitled to.

One taxpayer wanted to claim sunscreen and an umbrella, on the basis that his workplace forced him to go across the road to have a smoke break.

“He felt he needed an umbrella for the rain and sunscreen for sun,” H&R Block’s director of communications Mark Chapman said.

Another person tried to claim the cost of cigarettes, because he regarded smoking as a necessary form of stress relief from his job.

A hairdresser also tried her luck with travelling expenses. Usually, you can’t claim the cost of travel to and from work, unless you’re carrying bulky tools or equipment.

Her definition of bulky tools and equipment were scissors and clippers.

“They are certainly sharp, but they don’t qualify as bulky,” Mr Chapman observed.

A bouncer also seemingly over-estimated the scope of his work and tried to claim a martial arts course.

In an effort to “research his craft”, a tradesperson tried to claim a four-week holiday in Europe.

“All he came back with was pictures and he learnt a bit of French,” Mr Chapman said.

Although seemingly trivial, taxpayers can land themselves in hot water for trying to push such claims through.

One other classic area where taxpayers get it wrong is self-education expenses.

“The ATO looks very closely at self-education deductions,” Mr Chapman said.

“If the course is relevant to what your job is now, it is usually claimable, as a basic rule. If it’s something that is going to enable you to prosper in maybe more senior role later down the line, then you’re getting into some grey areas.”

Read more of unexpected claims here at top 10 tax claims for office workers and tax claims ATO's been watching.

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