Posted in Tax

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...

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...

Commencing 2024 FY through 2026 FY, the ATO will demand comprehensive data records from rental property bond authorities and novated lease companies: The ATO want to use the data obtained to match against taxpayer records and make sure all applicable tax is being paid ATO Rental Bond Data Matching ATO Novated Lease Data Matching Included in the data obtained from the rental bond authorities will be the rental payments If the rental payments don't match the income decla...