Tax
How to maximise your work-related electric vehicle claim this tax time
June 27, 2022 | Tax A greater awareness of environmental impacts, coupled with surging fuel prices, has encouraged many individuals to consider purchasing electric vehicles (“EV”) or plug-in hybrid electric vehicles (“PHEV”). The two methods allowed for either individuals or sole traders to claim work or business-related motor vehicle deductions respectively, are the logbook (operating…
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 overseas travel ramping back up, this article details what is deductible…
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 – in February and August – based on the upward movement of the consumer…
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 it soon for your next project. Or you may have to pay some 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.…