Show Notes
Welcome back to The Account Rant.In this episode, Toufic Haddad, Jacob Fahmy, Michael Hirmiz and Patrick El-Bitar ask one simple question:What expenses are not tax deductible, but probably should be?The conversation starts with haircuts, grooming, makeup and looking good for work, especially for people in sales, media, client facing roles and business development.From there, the boys debate whether client lunches, coffee meetings, wining and dining, gym memberships, work clothes, retail uniforms, suits, childcare, medical costs, personal interest expenses and even mental health related activities should be treated differently under the tax system.They also get into one of the most frustrating rules for business owners, why client gifts can often be deductible, but taking a client out for lunch can create tax issues or fringe benefits tax.This episode covers:Haircuts and grooming for workMakeup and appearance based deductionsClient lunches and business dinnersWhy entertainment rules frustrate business ownersClient gifts vs client mealsGym memberships and work performanceMedical expenses and tax offsetsRetail clothing and work uniformsSuits for accountantsInterest income and inflationPersonal interest deductionsChildcare costs and working parentsWhy some tax rules feel backwardsToufic’s plan to become Commissioner of TaxationThis is a loose, funny and honest Account Rant about the tax deductions accountants secretly wish existed, and the rules they think make no sense.Need an accountant?GET A FREE CONSULTATION FOR ALL ABN HOLDERShttps://forms.zohopublic.com/john205/form/GENERALENQUIRYFORM/formperma/VYEBrsCV_ompEVvnkA0eygWlJxXO5OajFsjjngf_jzwOUR SERVICEShttps://latitudeaccountants.com.au/accounting-services/[email protected]://www.tiktok.com/@latitudeaccountantsInstagramhttps://www.instagram.com/latitudeaccountants/YouTubehttps://www.youtube.com/@LatitudeAccountantsLinkedInhttps://www.linkedin.com/company/latitude-accountants/Facebookhttps://www.facebook.com/latitudeaccountants/Websitehttps://latitudeaccountants.com.au/This content is general information only and does not constitute financial, legal, tax or business advice. Speak with a qualified adviser about your own circumstances.
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