Corona Virus Stimulus package

I had been hesitant about posting about the stimulus package announced last week as it wasn’t the final package, and it hasn’t been passed by Parliament yet. But I have been receiving a lot of questions regarding what’s on offer and what should we all be doing to protect our businesses in the current environment. […]

Fictions (and facts) about work expense deductions

There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others. We sort out fact from fiction. This year’s tax time saw media reports about various outlandish tax claims — for example the ATO being faced with claims for dental expenses, gambling losses, Lego sets, sunscreen […]

ATO expects many laundry claims will be hung out to dry

This tax time, the ATO, as usual, has nominated some tax claim hot spots that it will be paying attention to — and which you should approach with caution when claiming these deductions. For example, the ATO has already flagged that it will be checking returns for taxpayers who take advantage of the exemption from […]

Rental property owners: Top 10 tips to avoid common tax mistakes

The ATO is reminding rental property owners that each year it sees some fairly common mistakes being made with tax claims, and the outcomes that result, in regard to investment properties. It has therefore released a list of the top 10 stumbles, and how best to avoid them. Apportioning expenses and income for co-owned properties […]

Personal deductions for car parking expenses

Car parking fees incurred in the course of producing assessable income are generally deductible, but special rules apply if the car is used by an employee to commute between home and work or the car is provided to the employee by the employer. Non-employees Self-employed persons, partnerships or trusts are entitled to claim deductions for […]

Rental Properties – what records do I need to bring?

Below is a list of recommended documents and information that you need to bring in relation to your rental property. Questions I will ask: How many weeks was the property rented for this financial year? Was it available for rent the entire year? Was there any private use of the property? Was the loan/mortgage re-financed […]

Records for claiming work-related expenses

When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income. To successfully claim a deduction for work-related expenses, it’s important that you must have spent the money yourself and weren’t reimbursed, it must be directly related to earning your income, and importantly […]

The ATO’s “living expenses” tool to help tackle the cash economy

It’s known by a variety of names, such as the black economy, or even the cash or hidden economy. But whatever the label, its existence is a pebble in the ATO’s shoe that it is forever looking to prise out. As part of that ongoing effort, it has settled upon certain “averages” of what constitutes […]