The Administrative Appeals Tribunal (‘AAT’) recently held that a taxpayer should not be allowed deductions for various work-related expenses, largely because the substantiation requirements had not been satisfied. The taxpayer, a real estate salesperson, claimed tax deductions for the 2018 … Read More
Different occupation groups can claim different tax deductions. In this article we’re putting the spotlight on concreters and highlight what they can claim as business expenses. Typical tax deductions for concreters include: Motor vehicle travel to and from work if … Read More
Editor: Recently issued draft legislation has focused on introducing new measures to manage the growing cash economy (i.e., the ‘black economy’) in light of the Black Economy Taskforce recommendations and recent Federal Budget announcements. Two of these key recommendations are outlined … Read More
As Tax Time 2018 has ‘kicked off’, the ATO has profiled the five most common mistakes they see, including taxpayers who are: leaving out some of their income (e.g., forgetting a temp or cash job, capital gains on cryptocurrency, or … Read More
When a motor vehicle is used 100% for private purposes there is normally no tax deduction available on the expenditure. With this strategy an employee can generate annual tax savings of $2,500 – $3,000 pa by salary packaging their private motor vehicle with … Read More
The ATO claims that it is committed to supporting small businesses and making it as easy as possible for them to understand and meet their tax obligations at tax time. Consequently, Assistant Commissioner Mathew Umina has some tips to help … Read More
If you’ve ever wondered which, if any, penalties, fines or interest could be tax deductible, here’s the latest on this topic. Outlined below are the general rules applying to business owners, employees, investors and retirees. Penalties or fines imposed as … Read More