Tax Deductions Available for Nurses & Midwives
If you are a nurse, midwife or another kind of health professional, it is common for you to purchase work-related items and pay for them with your own money. It is important is be aware that these out-of-pocket expenses are often valid as tax deductions which you can claim on your next tax return. Here […]
Tax Deductions for Hospitality Workers
The hospitality industry has been one of the hardest hit sectors during the covid-19 pandemic. To make your financial situation less difficult it is important for hospitality workers to be aware of the many tax deductions that they are entitled to thus allowing them to put a huge amount of hard-earned cash back into their […]
How to Claim A Tax Deduction Via the Car Logbook Method
One of the most effective ways to increase the amount of money you receive on your tax return is to claim a deduction on your travel expensive. The car logbook method is a common way to track your car expenses. If you use your car for employment purposes, the Australian Tax Office will allow […]
Tax Implications for Business Events in the Trans-Tasman Travel BubbleThe Tax Consequences for Business Events Ahead of Trans-Tasman Travel Bubble
On Monday 19th April 2021 the Australian and New Zealand federal governments plan to lift international border restrictions between the two countries. As a result of the travel ban coming to an end corporate events will become a more frequent occurrence “extravagant” corporate events are likely to pique the interest of the Australian Tax Office. Australian […]
The ATO Announces a Permanent Review Service for Small Businesses
On Friday 26th March the Australian Tax Office (ATO) announced that it will permanently install its independent review service following a successful three-year pilot program which gained the approval of its participants, whether they got the outcome they hoped for or not. In a statement released by the ATO, the tax agency proclaimed that the small businesses […]
The Otherwise Deductible Rule and Declarations – Fringe Benefits Tax (FBT)
The Otherwise Deductible Rule (ODR) is a mechanism within the Fringe Benefits Tax (FBT) legislation which enables the taxable value of an expense payment benefit provided to an employee to be reduced to Nil, this consequently removes the requirement to pay fringe benefits tax. A tax benefit can be classified as Otherwise Deductible if the […]
New Car Parking FBT Changes
The Australian Government has expanded the definition of the Small Business Car Parking exemption. It therefore is important for employers to be aware of the two big changes which will come into effect at the end of the 2021 Fringe Benefits Tax (FBT) year on 31st March 2021. From 1st April 2021, exemptions will apply […]
10 Common Tax Mistakes Made by Rental Property Owners
The ATO has published a list of tips that aims to help rental property owners avoid making some of the most common mistakes which are made when completing their tax. The avoiding these errors will help the property owner save money and time. 1. Keeping the right records Your client is required to have […]
IPA Supports A New Deduction to Help Australians Retrain and Reskill
The Institute of Public Accountants is pushing for the federal government to implement a new tax deduction to encourage Australians to retrain and reskill. The IPA, contents that a new deduction will fill a gap in the tax system that has neglected taxpayers who have been made to pay full cost of retraining and […]
How to Use Your Tax to Plan for The Future
Young and middle-aged Australians might not often think about what their financial situation might be like once they reach old age. However, it is important to plan for your future and put away money overtime so that one day you can eventually retire. It can be difficult to plan for your future, especially if you […]
