To claim the deduction the expense must be ‘substantiated’ – i.e., prove the expense was incurred Invoices and receipts are the best way to prove the expense Work-related expenses must be related to the ‘work’ – e.g., if the taxpayer’s job requires them to have a mobile phone Credit card and bank account statements may not provide sufficient ‘proof’, so don’t rely on them Tip: obtain invoices and receipts for all expenses that ...

Most of us are unaware that the federal government taxes capital gains made on “personal use assets” like furniture & clothes, and “collectables” like artwork and jewellery! The ATO define “collectables”: artwork, antiques, coin or medallion, rare folio / manuscript or book, postage stamp or “first day cover” Only applies to collectables with an initial cost of more than $500 (if under $500, exempt from CGT) Capital losses incurred from ...

The Federal government has introduced a 20% bonus deduction on eligible training expenditure for small business employees: Small business is defined as having an annual turnover of less than $50 million Eligible expenditure incurred after 29 March 2022 until 30 June 2024 Sole Trader, Business Partnership and Independent Contractors not eligible Example: training cost $1000 per employee = $1200 total tax deduction [$1000 deduction for the training + $200 bonus deduction] You can find th...

The Queensland Government has announced the Battery Booster rebate for householders is now open for applications. $3000 Standard rebate available for households with combined income of under $180,000 $4000 Low-income rebate available for households with household’s highest income less than $66,667 Conditional approval letter required before installing battery system Solar system must be minimum 5 kW capacity Battery and installer must be on approved list Safety inspection requir...

Superannuation concessional and non-concessional contribution limits will be increased from 1 July, 2024 (i.e., the 2025 FY) Superannuation investments generally incur a lower rate of tax when compared to non-superannuation investments Accumulating savings in superannuation is a tax-effective strategy for retirement planning Contributions to superannuation are limited and exceeding the limits will have tax consequences Concessional Contributions (CC) to superannuation may be claime...