INTHEBLACK July 2022 - Magazine - Page 39
read. Because, as a government, I can tell
you, you’re not spending it that well that
we should be donating extra.”
C. “There’s nothing wrong with the
younger generation that becoming
taxpayers won’t cure.”
04
Your client might be able to claim
that A$5000 designer bag they
splashed out on if they can:
A. Get their supervisor to sign a statutory
declaration stating that ownership of said
bag is key to creating a good impression
with the organisation’s clients and likely to
result in future promotions and pay rises.
B. Show it’s mainly used to transport work
tools, such as a laptop, and not to look
amazing when they’re out with friends.
C. Obtain a medical certificate from a
doctor confirming that possession of the
bag has helped them overcome back
problems and feelings of inadequacy and
stress.
You splashed out A$19,900 on
some NFT digital art after your
mate convinced you that “NFTs
are the new Bitcoin”. The art is now
valued at A$15. Can you lessen the
financial blow by getting a tax break?
05
A. Yes, but only if the art represents some
historical or cultural significance and you
can demonstrate that there was no way to
have predicted the plummeting in value.
B. No, NFTs are a fad and the ATO is
fundamentally opposed to perpetuating the
hype by assigning them any monetary value.
C. Yes, if the art is displayed in your place
of business and costs less than A$20,000,
you may be able to get an immediate
write-off.
What notoriously tax-shy
demographic is best placed to
successfully claim their
transportation costs as a work-related
expense?
06
A. Tradies
B. Taxi drivers
C. Nonagenarian, recently single AustralianAmerican media billionaires
07
Which nation found itself in the
spotlight for widespread tax evasion, with
the government collecting only about 10
per cent of the tax it was due in 2010?
A. The US
CLICK HERE TO
CHECK OUT
THE ANSWERS
TO THIS QUIZ
B. Venezuela
C. Greece
08
The “Big Three” occupations
when it comes to making large tax
deductions are:
A. Truck drivers, farmers and vets
B. Surgeons, real estate agents and lawyers
C. Taxidermists, exotic dancers and baristas
Can your clients claim a deduction
for all those rapid antigen tests
they’ve had to buy over the past
12 months?
09
RESULTS
Check your answers
against the list
below. Score one
point for every
correct answer.
7-10:
Congratulations,
you could be a
candidate for the
ATO’s Tax Avoidance
Taskforce!
4-6: You may be
A. No, with the extensive rollout of
vaccines, the age of COVID-19 entitlement
is over.
popular with your
clients, but you’re
probably not as
beloved by the ATO.
B. Yes, but only if the tests purchased are
manufactured in Australia and are TGAapproved.
0-3: Time to hit the
C. Yes, so long as they kept the receipts and
had to get tested for work purposes.
books! Click on the
button below to
access the latest
tax time resources.
For which of the following
working-from-home expenses can
your clients legitimately claim a
deduction?
10
A. Power bills, internet expenses, office
furniture purchases.
B. Workplace mediation services (marriage
counselling), coffees and childcare.
C. Rent, internet expenses, power bills,
wellbeing subscriptions.
CLICK HERE
TO ACCESS
CPA Australia’s
tax time
resources
intheblack.cpaaustralia.com.au July 2022 39