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  • myTax 2019 Cost of managing your tax affairs

    Complete this section if you incurred expenses in managing your tax affairs.

    On this page:

    Essentials

    You may be able to claim a deduction at this section for expenses you incurred for:

    You can also claim any costs you incurred in complying with your legal obligations relating to another person's tax affairs.

    You incur an expense in the income year when:

    • you receive a bill or invoice for an expense that you are liable for and must pay (even if you don't pay it until after the end of the year)
    • you do not receive a bill or invoice but you are charged and you pay for the expense.

    The expense is deductible in the year you incur the charge.

    Recognised tax adviser

    A recognised tax adviser is a registered tax agent, barrister or solicitor.

    You can see a list of registered tax agents at Tax Practitioners boardExternal Link or call 1300 362 829.

    Depreciation and capital expenses

    Individual taxpayers generally can't immediately deduct spending on items costing more than $300; instead you claim the cost over time, reflecting the asset's depreciation (or decline in value).

    Depreciation claims need to meet the following conditions:

    • you must apportion your claim to reflect the percentage that the asset was used to manage your tax affairs
    • you must have directly incurred the cost of the asset and it was not reimbursed.

    You can use the Depreciation and capital allowances tool to work out any decline in value deduction as well as any deductible balancing adjustment when you stop holding a depreciating asset.

    The tool can be accessed in the Deductions section on the Prepare return screen.

    Completing this section

    We pre-fill your tax return with cost of managing your tax affairs information provided to us. Check for costs of managing your tax affairs not pre-filled and ensure you add them.

    1. For each cost of managing tax affairs expense not pre-filled in your tax return, select Add.
    2. Select the Type of deduction and enter information into the corresponding fields.
    3. Select Save.
    4. Select Save and continue.

    Note: If you used the Depreciation and capital allowances tool, fields containing information from the tool cannot be directly adjusted in myTax. To make any adjustments to this information, or to add new assets to the tool, select the 'Use the depreciation and capital allowances tool' link.

      Last modified: 26 Jun 2019QC 58924