TRS question

[Madam Mina]

Does any one know if you claim the GST back on something using the TRS can you also claim it as a tax deduction? I am thinking of buying an iPad and have a trip to Asia very shortly so could claim at the TRS but it would also be a legitimate tax deduction so theoretically could I claim both?

 

[gogo419]

I'm not a law expert, but i am 100% sure this is NOT​ allowed. As you are effectively claiming back GST you never paid. (Once it has been credited back to you)

gogo

 

[NM]

You could probably claim depreciation based on the purchase price less the TRS refund - ie the net price you paid. Of course that assumes its 100% business use, otherwise you can claim a proportion of the depreciation according to your percentage of business use. But as with all tax "advice", consult your tax accountant/agent/advisor.

 

[ashleyn]

You could probably claim depreciation based on the purchase price less the TRS refund - ie the net price you paid. Of course that assumes its 100% business use, otherwise you can claim a proportion of the depreciation according to your percentage of business use. But as with all tax "advice", consult your tax accountant/agent/advisor.

Also no expert but with tax deductions, the rule of thumb is generally, if it sounds dodgy it probably is.

 

[iambents]

As long as you only claim the balance of the purchase price (less the GST you have already claimed under the TRS) I don't see what the problem would be. The TRS keep your receipt though - so if your buying from a retail outlet - get a second receipt for your tax evidence. I'm pretty sure that you only need to use depreciation for assets worth more than $1000.

 

[medhead]

Oh please. This is not dodgy at all. Of course, you can claim the GST back via the TRS. You can also claim a deduction of business related use remembering that the cost of the item is the Price ex GST, since you've claimed that back already. As the iPad will be more than $300 even ex GST you must depreciate the iPad taking into account the percentage business use.


Sent from the Throne

 

[medhead]

As long as you only claim the balance of the purchase price (less the GST you have already claimed under the TRS) I don't see what the problem would be. The TRS keep your receipt though - so if your buying from a retail outlet - get a second receipt for your tax evidence. I'm pretty sure that you only need to use depreciation for assets worth more than $1000.

The TRS did not keep my most recent receipt. Depreciation is for anything over $300.


Sent from the Throne

 

[iambents]

Just claim it has an effective life of 1 year then (on the basis of a new model each year)

 

[medhead]

Just claim it has an effective life of 1 year then (on the basis of a new model each year)

Good idea. I also have used a few variations to claim the whole of something in one year. For example in theory it could be: business use percentage $298, education rebate for kids education upto the appropriate limit and then a minor personal use amount.


Sent from the Throne

 

[Madam Mina]

Thanks all. Yes of course I meant tax deducting the ex gst amount as I effectively wont have paid the gst and I would definitely ask my accountant but I was hoping there might be some on here who had done something similar before so the advice is much appreciated. Another reason for getting two receipts is for warranty claims I would think I know the shop I bought my camera from awhile ago did this for me without asking so I would have a second one if I needed to claim on the warranty as I told the I was going to claim the gst through TRS.

 

[drron]

I know you are going to Singapore so check the prices there(I am here at the moment).The great Singapore sale is on now so I will look tomorrow in a department store for you.But here is the Singapore Apple site-
Apple iPad - New iPad and iPad 2 with Free Shipping - Apple Store (Singapore)

Now you will get a VAT refund.It is 7% here but after fee you get~5% back.Might be a bit cheaper than Australia.

 

[Madam Mina]

Thanks drron much appreciated the Singapore prices do seem to be a bit cheaper than Aus ones. Is claiming the VAT complicated in Singapore or do you know if its possible to buy them duty free at the airport?

 

[drron]

Thanks drron much appreciated the Singapore prices do seem to be a bit cheaper than Aus ones. Is claiming the VAT complicated in Singapore or do you know if its possible to buy them duty free at the airport?

Not complicated at all-the store will fill in the forms for you.I think you can get them duty free at the airport but not sure-will try and find out.

 

[iambents]

Check out iStudio (Google iStudio Singapore - I can't send links yet).
They are in SIN Terminals 2/3 - prices are much cheaper (at least for the 16Gb models) than you will get in Australia.
Tax free - iPad 2 16Gb+WiFi is SGD652 (~AUD521) compared to AUD679 for the same model here.
Of course that relies on you being happy to buy on departure - you could always find a shop downtown and do the Singapore TRS.
iPad 2 only launched in Singapore a few weeks ago - so they suggest calling them about stock levels for the model you want. Website has a contact form on it which might work.

 

[simongr]

Also no expert but with tax deductions, the rule of thumb is generally, if it sounds dodgy it probably is.

But this doesn't sound dodgy - it sounds exactly like the majority of GST claims and subsequent tax write offs I have had over the past few years.

Also most of the most effective legal tax avoidance planning sounds completely dodgy...

Interesting thoughts on the write off - I have been depreciating my iPads over 2 - 2.5 years. I get a new one each year and do not recover any money for the old ones.

 

[Cynicor]

Check out iStudio (Google iStudio Singapore - I can't send links yet).
They are in SIN Terminals 2/3 - prices are much cheaper (at least for the 16Gb models) than you will get in Australia.
Tax free - iPad 2 16Gb+WiFi is SGD652 (~AUD521) compared to AUD679 for the same model here.
Of course that relies on you being happy to buy on departure - you could always find a shop downtown and do the Singapore TRS.
iPad 2 only launched in Singapore a few weeks ago - so they suggest calling them about stock levels for the model you want. Website has a contact form on it which might work.

When you say iPad2 do you mean iPad 3/the latest iPad?

 

[atreides]

I've been using TRS for a while and they've never kept the receipt, the most recent was two weeks ago ex PER. They do however stamp the invoice to say it was processed by TRS.

 

[drron]

Check out iStudio (Google iStudio Singapore - I can't send links yet).
They are in SIN Terminals 2/3 - prices are much cheaper (at least for the 16Gb models) than you will get in Australia.
Tax free - iPad 2 16Gb+WiFi is SGD652 (~AUD521) compared to AUD679 for the same model here.
Of course that relies on you being happy to buy on departure - you could always find a shop downtown and do the Singapore TRS.
iPad 2 only launched in Singapore a few weeks ago - so they suggest calling them about stock levels for the model you want. Website has a contact form on it which might work.

The Apple dealer at the Marina Bay centre had it at $S658 and you would get back~$S30 on the VAT.No problems with supply.

 

[Madam Mina]

Thanks for the pricing drron and iambents. Unless my maths is off I don't think iPads actually are cheaper in SIN as $S628 ($S658 less $30 VAT) is $AU499.46 at today's exchange rate and the same model here retails for $AU539 which would come don to $AU490 once the GST comes off so I think i might get it here as we will be pretty busy when we are in SIN catching up with family and I can have it all nicely set up before I leave. Big thanks to everyone for their advice its has been most helpful.

 

[Danger]

If I purchase a good for $500 which includes the use of a $100 gift voucher, do I get $50 back or only $40?