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Cost of Managing Tax Affairs

You can deduct the cost of managing your own tax affairs, such as expenses for

  • preparing and lodging your tax return and activity statements
  • travel associated with obtaining tax advice
  • appealing to the Administrative Appeals Tribunal or courts in relation to your tax return
  • obtaining a valuation needed for a deductible gift of property

You can also deduct the expenses you incur in preparing and lodging your tax return such as

  • buying tax reference material
  • lodging your tax return through a registered agent
  • obtaining tax advice from a recognised tax adviser
  • dealing with the ATO about your tax affairs

Also, if the ATO imposes an interest charge on you - for late payment, for example, or the amendment of your tax return - you can deduct the amount of those charges.