Sometimes it can be, but only in limited circumstances. The tax deductibility of expenditure on clothing is subject to strict ATO guidelines. These cover occupation-specific clothing. compulsory or registered non-compulsory uniforms and protective items. Conventional clothing What you can’t … Read Full Story
In contrast to holiday homes, what happens where you use all or part of your home to produce assessable income? Well, there will be important capital gains tax (CGT) consequences – the most important of which is that you … Read Full Story
With summer just around the corner and beach holiday homes back on the agenda, perhaps it is time to revisit a few tax matters about their use. And the big issue is how you claim expenses if your holiday … Read Full Story
For many older Australians, having wealth tied up in the family home can make day-to-day expenses challenging. The Home Equity Access Scheme (HEAS) is a government- backed program that allows eligible seniors to unlock some of the value in … Read Full Story
Big news for anyone with a large super balance – the government has gone back to the drawing board on the controversial Division 296 tax, and the changes are a big step toward fairness and common sense A quick … Read Full Story
Let’s say you’ve just sold the house you inherited from your parents 12 years ago for $1.3 million. You’ve been renting it out for most of that time, but the property market has been hotting up and you were … Read Full Story
Car claims for electric vehicles Working out the cost of electricity used to run your electric vehicle (EV) where you use the vehicle for business purposes and you use the logbook method for making your claim for car expenses … Read Full Story
With the festive season fast approaching, business owners will be turning their mind to year-end celebrations with both employees and clients. Knowing the rules around Fringe Benefits Tax (FBT), GST credits and what is or isn’t tax deductible can … Read Full Story
Tax on redundancy payments explained If you’re made redundant, you may receive a lump sum payout. While this can provide financial breathing room, it’s important to understand how that money is taxed. Not all parts of a redundancy payment … Read Full Story
Helping Your Kids Buy Their First Home Using Super If you want to give your children a head start on saving for their first home, the First Home Super Saver Scheme (FHSSS) is worth considering. It offers a tax-effective … Read Full Story
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