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722 we should probably talk about tax (Q&A with an accountant)

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Navigating Tax Obligations and Property Repairs

This chapter covers the importance of filing tax returns on time, consequences of late filing, and distinctions between repairs and capital works for tax claims. It also explores tax deductions for rental properties, caution around lifestyle business for tax offsets, and implications of using a boat for commercial purposes. The conversation emphasizes compliance with tax laws, recent updates like the $20,000 write-off, and advice on financial housekeeping to avoid penalties and debts.

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