By: Max Newnham Don’t make this common mistake. Many small businesses are often started on a part-time basis while the owner is working full-time. This can mean a portion of the owner’s home, or the property that the home is situated on, is often used for business purposes. A common mistake made is for owners to […]
By: Steve Burnham Home office expense claims are subject to the same general substantiation requirements as other deductions – that is, records must be kept for five years. But in practice, full compliance with the substantiation rules may be difficult. It may be simple to keep a receipt for a printer purchased for a home […]
By: Steve Burnham Your client might be sick of the daily commute, or want more flexibility of hours – or it could be that they have a talent or skill that they trust will translate into a fulfilling career in their own business. Or it could just be that the idea of working from home seems […]
By: Steve Burnham One of the issues that Tax & Super Australia finds frequently raised by members is the tax treatment of work related travel expenses, as well as the reliance on the “reasonable amounts” prescribed by the Commissioner. In our view, the current ATO guidance may not adequately cover the issues encountered by practitioners and […]
By: Max Newnham Are there any tax advantages for buying either new or used for my business? When a business is registered for GST it can claim a credit for GST input tax included on anything it pays relating to the business, but it also must pay to the ATO one eleventh of all of its […]
By: Steve Burnham Even though tax reform is more than likely on hiatus for the next three years, it is worthwhile to re:visit that Tax & Super Australia made a submission to the government last year for the “Re:think” tax discussion paper. One aspect of our submission dealt in part with work-related expense deductions, and how […]
All of a sudden it’s tax time again. Yes, it’s 12 months since you started collating your receipts and giving your tax agent a call. Tax time can be quite stressful, especially because we’re all looking for ways to maximise our tax return. Obviously, getting the basics right is the most important part of […]
As a general guideline, the ATO will allow a deduction for insurance premiums if it can be shown that the insurance cover relates to earning assessable income. Income protection insurance is one example of the kind of cover that may provide an allowable tax deduction for premiums – such claims have been allowed by […]
With the October 31 tax lodgment deadline looming large on the horizon, many taxpayers may be scrambling to patch together a few possible tax deductions they hope to be able to claim. Of course most taxpayers are keen to find out about any extra tax deductions that may not have been revealed before. But […]
By: Melissa Browne If you’re one of the many Australians who purchased a rental property during the 2016 financial year, moved out of their home and rented it out, or are using part of your home for holiday lettings, it’s important to know what you can and cannot claim. You don’t want to miss out on […]
