Did your tax refund go down this year? If so, you are not alone, in fact it’s very common for tax refunds to fluctuate year on year. It’s really disappointing to not receive money you’re expecting and it can leave you in hot water if you were relying on that cash to pay for something […]
ATO changes to home office expenses
After many months of speculation, in 2023 the ATO announced considerable – and controversial – changes to how you claim home office expenses. The ATO also phased in updated record keeping requirements over the 2022-23 financial year and from 01 March 2023 onwards; detailed record keeping became an essential part of working from home. Without […]
2024 Stage 3 tax cuts: What they mean for you
Australia’s stage 3 tax cuts are the last stage in the highly debated tax package the Federal Government first announced and implemented in 2018. After much deliberation, the latest version of the Stage 3 tax cuts has been legislated and will come into effect on 1 July 2024. With it comes more tax relief for […]
Can the JobKeeper Payment Scheme Help My Business?
With the ATO issuing a warning to get moving on JobKeeper payment applications, it’s time to check your eligibility and talk to your employees. But what exactly is the JobKeeper Payment Scheme and how does help you and your business? Let’s do a quick rundown: What is the JobKeeper Payment Scheme? JobKeeper is a government […]
A guide to de-facto tax: What happens now you are 2?
It doesn’t matter whether you are for or against the joint finances debate, once you sign a rental lease or a purchase contract with a partner, you become a de-facto couple by law, and when it comes to tax! What does this mean? Well apart from sounding like an antacid tablet, for tax concerns, de-facto […]
Benchmarking: How does your business measure up?
Every year the ATO publish small business benchmarks that outline how a typical business performs in each industry. If your business falls outside of the benchmarks the ATO sets, they are likely to take a closer look. If you find your business does fall out of the usual range, you may be asked by the […]
Holiday rental tax deductions: getting it right!
You could be eligible for valuable holiday rental tax deductions if you own a property you use as a holiday rental It usually takes a little time to see a profit but with holiday rental sites like AirBnB and others making holiday rental investments even easier, a growing number of property owners have turned their attention […]
Rental Property Tax Deductions
Are you claiming all your Rental Property tax deductions? If you own an investment property it’s important to know which expenses to claim as rental property tax deductions. However, the expenses you can claim as rental property tax deductions can vary depending on your circumstances: Is the property rented or available for rent? If it’s not, you […]
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