HOME OFFICE EXPENSES : WHAT CAN YOU CLAIM IN YOUR TAX RETURN The way we work is changing – for employers and employees. Workplaces and employee roles are more flexible and it has become more common for people to spend at least a small portion of their time working from home. Particularly during the…
It may only be February 2020, but in the blink of an eye it will be Tax Time 2020. As accountants in Melton who have helped thousands of taxpayers understand tax deductions and prepare their individual tax return, we know that it’s never too soon for you to start thinking about your next tax…
It’s not uncommon for landlords to be confused about what they can and can’t claim for their rental properties. What often seems to make perfect sense in the real world does not always make sense for the Australian Tax Office (ATO). In general, deductions can only be claimed if they were incurred in the…
Vacant land tax deduction changes are designed to target the everyday ‘property development’ including the building of a rental property. Do you hold a vacant block of land? Are you intending to build an investment property or some income-producing development on the vacant land? You need to be aware of a new law that…
ATO crackdown on laundry expense overclaims. The ATO is airing the ‘dirty laundry’ on work-related clothing and laundry expenses warning that it is closely reviewing claims. “Last year around 6 million people claimed work-related clothing and laundry expenses, with total claims adding up to nearly $1.8 billion. While many of these claims will be…
The documents you need at Tax Time to maximise your Tax Refund. “Preparation is the key to you achieving the best tax refund legally possible, and ensuring you’re covered should the ATO ask to review your tax return” – Corinne Cole, Co-founder of Platinum Accounting & Taxation As the financial year comes to…
The ATO has announced its focus on the scrutiny of 2019 tax returns, particularly those with rental property tax deductions. It’s fair to say that the ATO’s decision to increase audit activity of rental property deductions has come about with justification. A random sample of tax returns, which included rental property tax deductions, revealed that…
Will your business be denied this tax deduction? Non-compliance with the new PAYG Withholding rules could cost your business thousands in income tax. Are you a business owner with employees or contractors? You need to be aware that new PAYG withholding rules are now in place to deny tax deductions for salary and wages…
Will you find yourself in the ATO spotlight this year? Avoid these costly tax return errors and reduce your chances of appearing on the ATO’s audit radar.
It’s becoming more and more common for people to spend at least a small portion of their time working from home. For this reason you may be entitled to claim deductions in your tax return for home office running expenses or home office occupancy expenses. But there is a distinct difference between the two claim…