The tax agent expenses that you have incurred or will incur in lodgment in your Tax return are a tax deductible expense.
Cost of managing tax affairs will include any expenses you have incurred in managing your tax affairs i.e. fee paid to a recognized tax agent for doing tax return.
This also includes any interest charges that Australian Tax Office (ATO) has imposed on you. In addition to it, you can also claim the expenses you have incurred in compliance for your legal requirement relating to another personal tax affair.
The expenses can only be claimed when you receive a bill or an invoice or you can also claim it if it paid and you did not receive a bill or an invoice.
Cost of managing Tax affairs include:
• The preparation and lodgment of your tax return and activity statement.
• Travel to obtain tax advice from a recognized tax adviser.
• Appeals made to administrative appeals tribunal and courts about your tax affairs.
Please note that fee paid to tax agent is deductible in the year to you incur it. Recognized tax advisor is a registered tax agent, barrister or solicitor.
Call Tax Accountants Cranbourne at 1300 300 106 for further information.