Otherwise, you'll save more tax dollars by foregoing the home mortgage interest deduction and claiming the standard deduction instead. Complete Schedule A and compare the total of your itemized deductions to your standard deduction to find out which method is most advantageous for you.
How long a patent lasts depends on the type of patent being issued and the country issuing the patent. For example, under recent changes in the laws, in the United States, patents are now granted for a term of 20 years from the date of application (14 years for design patents).
Different circumstances will dictate how long you should keep your Australian tax records after your return has been lodged. In most instances you are going to want to hold on to your tax records for five years following the date that the relevant return was lodged. If you have claimed a deduction for a decline in the value of property five years after the date of your last claim for a decline in value.