Posted in Tax
Posted by Dean McKinnon
on 17 May 2024
Generally, each year the ATO provide a list of the key areas they will be focusing on when assessing income and expenses included in an individual's Tax Return.
Claimed Work Expenses - the ATO will be looking at:
If the claimed expenses were incurred by the taxpayer or reimbursed by the employer
If the expense is directly related to the earning of the taxpayers income
If a receipt for the expense is available
Rental Property Expenses - specifically, if the expense cl...
Posted by Dean McKinnon
on 3 May 2024
The end of the 2024 Financial Year is fast approaching and if you want to make contributions to your super, you need to make sure you have a strategy, and the contributions are finalised prior to 30 June 2024.
There are restrictions related to superannuation contributions.
Exceeding superannuation contribution limits may have significant tax implications.
In addition to your Employer SG Contributions, you may be eligible for contributing personally to your superannuation and boost your r...
Posted by Dean McKinnon
on 26 April 2024
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 ...
Posted by Dean McKinnon
on 19 April 2024
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 ...
Posted by Dean McKinnon
on 12 April 2024
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...