Tax

How to get the biggest tax deductions for your overseas travel May 26, 2022 | Tax Did you know that if you’re on an overseas holiday and you attend a work-related conference, that some of your expenses for the day and a portion (possibly 100%) of your flights will be tax deductible?  In light of…

How to claim Fuel Tax Credits – Updated rates to 28 September 2022 April 27, 2022 | Tax If you are eligible to claim Fuel Tax Credits and lodge a quarterly BAS, you may have to apply 3 different rates this quarter. Fuel tax credit rates change regularly. They are indexed twice a year –…

10 top tax tips for business owners to prepare for your 2022 tax return April 6, 2022 | Tax The end of the financial year is approaching and perhaps you are keen to get your tax lodged with the ATO as soon as possible. Perhaps you have a refund, and you are keen to receive…

7 end of financial year tax tips for small business owners April 5, 2022 | Tax With the end of the 2022 financial year fast approaching, it is important to consider certain strategies which may benefit individuals and businesses in reducing their taxable income position. For the business to obtain the tax benefits in the…

Are RAT and PCR COVID-19 Tests Tax Deductible for Employers? April 1, 2022 | Tax Since the Omicron variant arrived in Australia in late 2021, the recommended test for detecting COVID has been the Rapid Antigen Test (RAT). For many employees, a negative RAT has been an ongoing condition of returning to work. As a…

Are you in professional services? Here’s what you need to know about the ATO’s Final Guidance on the allocation of professional firm profits. February 7, 2022 | Tax Historically, most professional firms were partnerships of natural persons. Professional firms are now structured in a variety of ways, reflecting the economic and legal choices made by…

Cryptocurrency – tax & regulation November 18, 2021 | Tax The Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app earlier this month. Once one of the big four comes on board, you know cryptocurrency has become…

Top 5 FAQs on claiming uniform and laundry expenses November 17, 2021 | Tax One of the most common mistakes taxpayers make in claiming deductions on their tax return are uniform and laundry expenses. You can claim a deduction for the cost you incur to buy and clean your work clothes if it is one…

Why there is still time to claim thousands of dollars in deductions September 22, 2021 | Tax 30 June has come and gone, as a matter of fact, it seems as though it was ages ago! The year is flying by, but this doesn’t mean your tax deductions should be flying by as well. There…

What are car allowances and the valuable tax benefits that come with them? July 8, 2021 | Tax Car allowances are offered by employers across Australia and far too many people are unsure of how they work from a tax perspective. You need to determine what is the best way to use this car allowance,…