|
|
|
|
|
|
Capital Gains Tax and Trusts
 A draft legislation is in the works for the abolition of trust
cloning exemption.
Trust cloning exemption refers to exemption from paying
capital gains tax.
This exemption occurs when assets are transferred from
one trust to another where the terms of both trusts and the beneficiaries are the same.- If the legislation is passed, family trusts will no longer be
able to pass assets from one trust to another without
incurring capital gains tax.
- The proposed legislation has not yet been finalised.
|
News from Etax Accountants
Personal Grooming Expenses
- Do you buy make-up as a work requirement?
- Are you a performing artist, flight attendant or pilot?
- If so, you could claim personal grooming expenses and
increase your tax refund.
|
Etax Accountants can help you with any query related to your work-related personal grooming expenses or other tax concerns. Email us at admin@etax.com.au if you need to know more or visit www.etax.com.au.
What
We continue our series of newsletters this week on deductions. So far we have looked at uniforms, clothing, laundry, travel, self education, phones, home offices, overtime meals, computers and sun protection, union fees and memberships. This week we consider how to claim for Grooming and Personal products.
Grooming and Personal products include items such as hair spray, moisturiser, make-up, etc.
How it works
The Tax Office generally does not allow tax deductions for grooming products including:
- Hair Spray
- Make-up
- Hairdressing
- Skin moisturisers
- Hair conditioners
- Facials
- Teeth Whitening or Straightening
There is a relaxation on these rules if you are able to demonstrate that the cost of personal grooming was an essential requirement for your employment, i.e. these expenses were directly work-related.
Who can claim for Personal Grooming Products?
The professionals who can claim expenses for personal grooming include:
- Aircraft cabin employees. If you use skin moisturisers or hair
conditioners to combat the dehydration effects of pressurisation
and lack of humidity and it is of critical importance to your
employer that you maintain a well-groomed image, then you
may claim a tax deduction for them.
- Cosmetic Artists who purchase the make-up for use only on
clients (no personal use).
- Performing Artists who can claim a deduction for the cost of a
particular hairstyle if it is required for a role that they are
performing (this is not the case if they are auditioning only).
They can also claim the cost of hairdressing specifically required
to maintain a required hair length or style as part of a costume
for continuity purposes. Performing artists can also claim a
deduction for the cost of tinted contact lenses to alter their eye
colour or special glasses frames that are required for a role.
These must be cosmetic only to be able to make the claim and
they must be for a role that has already been obtained i.e. you
cannot claim expenses for an audition.
- Pilots and Flight Engineers who can claim a deduction for the
cost of anti-glare glasses used to combat the working conditions
inside the cockpit.
You cannot claim a deduction for the cost of buying prescription glasses or contact lenses as the Tax Office considers this to be a private expense relating to a personal medical vzcondition.
How can Etax Accountants help you?
If you would like assistance in working out how much you can claim for work-related personal grooming expenses, please contact us at admin@etax.com.au and we would be happy to help you with any query to help you increase your refund for the 2009 tax return!
|
|
|
|
|
|
How can
we help you?
Contact us
To discuss how we can
help your organisation,
call us on (02) 9874 8038 or
Send us an email
Request for Services
Insights and Blogs
Tell us what you think |
|
|