Understanding depreciation is essential for maximising tax deductions on rental properties, business equipment, and work-related purchases. This guide explains how depreciation works in Australia, which methods to use, and how to claim it correctly. Key Takeaways: Now for a deep dive into claiming Depreciation: First things first: What is depreciation? Okay, to make things very […]
Tax
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 […]
Why is my tax refund lower than usual?
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
Over the last couple of years the ATO has phased in updates to rates, inclusions and record keeping requirements for claiming your working from home expenses. Understanding the best way to claim home office expenses It’s worth taking a detailed look at the changes to make sure you get it right: The ATO’s focus was […]
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 […]
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 […]
ATO scammers: What to look for
There are many ATO scammers out there, reputing to be the ATO and using various different means to extract money out of taxpayers. Many of these fraudsters are very clever and will go to great lengths to appear legitimate. What can you do to protect yourself? The ATO have been very active in raising awareness […]
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