ATO: Update to work-from-home deductions
The fixed rate method for calculating your deduction for working from home expenses has been revised. This revised method is available from 1 July 2022. To be eligible to claim a deduction for working from home expenses, you must: • incur additional running expenses as a result of working from home • be working from home […]
Self-education threshold removed
The ATO has removed the $250 reduction on self-education expenses as of July 1 2022. Prior to this measure, the first $250 self-education expense could not be deducted. Amounts over this limit would be calculated in the total allowable deductions on an individual tax return. Self-education expenses can be: Final criteria to meet and choose […]
ATO: Meal allowance and deductions
Overtime meal expenses – for food and drink when working overtime. Overtime meal allowance can only be used where you receive an allowance to cover that expense. That allowance needs to appear on your PAYG Summary for the 2021–22 income year. The reasonable amount for overtime meal expenses is $32.50. The reasonable amounts only provide […]
Top #10 Deductions for Tradesmen
Knowing the most common deductions that may be claimed in your industry is important. Below is a list of the top #10 deductions for Tradesmen / Construction workers to consider when preparing their tax return. When considering what can be claimed on your tax return, you will need to think in terms of connections. If you can […]
Top 6 deductions for Retail workers
This past year has been a challenging time with businesses struggling and others just getting into the market. Workers have been at the mercy of the regulations and these regulations impact the tax returns too. Knowing what you can & cannot claim as a deduction is important, especially in these turbulent times. Knowing the most […]
Top #10 deductions for Health Service workers
When it comes to doing your tax return right, knowing the most common deductions that may be claimed in your industry is important. Below is a list of the top #10 deductions for health services workers to consider when preparing their tax return. Top 10 deductions for Health Service workers If you receive a travel […]