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 […]
ATO: don’t engage in asset wash sales
The Australian Taxation Office (ATO) is warning taxpayers, don’t engage in asset wash sales to falsely increase their losses and diminish gains or expected gains from investments. Wash sales are a form of tax avoidance, which is prohibited. Wash sales usually involve the disposal of assets such as shares and crypto just before the end […]
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 […]
Government Super Co-Contribution
The Government will pay (they call it co-contribute) into your superannuation for the 2021/22 financial year up to $500 if you contribute from you’re after tax monies a minimum of $1,000. That is, the Government will pay .50cents for every $1 you contribute. To earn the maximum $500 co-contribution, your taxable income will need to […]
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 […]