4 Answered Questions for the topic Income Tax

Deducting interest on a loan to repair a rental property?

I own and rent out an apartment in a building that needs extensive repairs. The body corporate has broken the levy for the repairs into six payments. For the first three payments, last tax year,... more


Consider Paypal fees in accounting?

I'm a freelancer. I sent an invoice to my client (using InvoiceBubble.com), which he decided to pay via Paypal. Paypal took a fee. How do I take this fee in consideration for my accounting? I... more

What tax year does my income get assigned to if my client sends the payment in December but I receive it in January?

Suppose I did some contracting in December, my client puts a check in the mail in December, and I receive it and cash it in January. Does my income count for December or January?
Income Tax


How to calculate how much to add to a number, then subtract 20% to get to the original number

I get an allowance for travel at my work. New rules says it is now taxable. My work says they will increase my allowance by 20%, I don't agree. Example, current allowance is $1000.00. The tax is... more

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