Tax
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 current financial year, these strategies must be put into place prior…
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 result, there has been a massive buy-up of these tests…
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 owners of those firms. In some cases, these structures may be used in ways that give rise to different tax consequences and resulting…
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 normal. The Australian Taxation Office…
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 of these categories: Occupation-specific clothing Protective clothing Compulsory uniforms…
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 is still time for property investors to get a tax depreciation schedule.…
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, whether that comes in the form of own vs lease, or own vs…
6 common expenses people didn’t know were tax deductible
June 9, 2021 | Tax The end of financial year (EOFY) means more than plenty of sales from local car yards and at shopping centres. It is the last chance for Australians to make any decisions regarding changes to their finances that could affect their next tax return. This article details what you should be…
Deductions on the ATO watchlist and what you need to know
June 4, 2021 | Tax If you have been working from home and are planning to claim all those new expenses that you normally would not claim when you were in the office? Continue reading as the ATO will be focusing on four types of expenses relating to working from home this year: Personal expenses…
Cash in hand payments on the ATO watchlist
May 25, 2021 | Tax The ATO has reminded employers that any ‘cash in hand’ payments made to workers will not be tax deductible. ‘Cash in hand’ refers to cash payments to employees that do not comply with pay as you go (‘PAYG’) withholding obligations. For example: failing to assess that the employee has the…