Taxpayer claims for various ‘home business’ expenses rejected
Taxpayer’s $40,000 Deduction Claims Rejected by Tribunal Unsubstantiated and Private Expenses Lead to Full Denial of Tax Deductions In a recent decision, the AAT rejected in full a taxpayer’s claims for “several classes or categories of deductions.” For the relevant period of 1 July 2021 to 30 June 2022, the taxpayer was (according to his […]
AAT rejects taxpayer’s claims for work-related expenses
Work-Related Deductions Denied AAT Rejects Taxpayer’s Expense Claims Lack of evidence and use of company vehicles led the AAT to disallow nearly $10,000 in work-related deductions for a traffic controller. In a recent decision, a taxpayer’s claims for various work-related expenses were rejected by the AAT. The taxpayer was employed as a traffic controller in […]
Deductions for financial advice fees
Understanding Tax Deductions for Financial Advice Fees When individuals can claim deductions on financial advice fees linked to income generation and tax management. The ATO has provided guidance about when an individual not carrying on an investment business may be entitled to a deduction for fees paid for financial advice. An individual is entitled to […]
Remember the two further ‘boosts’
Seizing Opportunities with New Small Business Deduction ‘Boosts’ Exploring the Skills and Training Boost and Small Business Energy Incentive Although the ‘Technology Investment Boost’ has come to an end (it provided a bonus deduction for eligible expenditure incurred until 30 June 2023), it is important to remember that there are two further ‘boosts’ providing bonus […]
Deductions denied for work-related expenses
AAT Decision Highlights Importance of Substantiation for Work-Related Expense Claims Real Estate Salesman’s Deductions Disallowed Due to Lack of Substantiation 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 […]
ATO gives ‘green light’ to lodge
ATO’s Tax Filing Guidance for Simple Affairs Timely Tips for Taxpayers and Key Information on Lodging Income Tax Returns The ATO is giving taxpayers with simple affairs the ‘green light’ to lodge their annual income tax returns. ATO Assistant Commissioner Tim Loh said that most taxpayers with simple affairs will find the information they need […]
Claiming GST credits for employee expense reimbursements
Claiming GST credits for employee expense reimbursements Employers may be entitled to claim GST input tax credits for payments they have made to reimburse employees for expenses that are directly related to their business activities. A ‘reimbursement’ is provided when a taxpayer pays their employee the amount, or part of the amount, of a particular […]
In the ATO’s sights this Tax Time
The ATO has announced its three key focus areas for this Tax Time Make sure you are up to date as necessary The areas of focus are: rental property deductions; work-related expenses; and capital gains tax. ATO Assistant Commissioner Tim Loh said the ATO is continuing to prioritise areas where they often see mistakes being […]
Electric vehicle home charging rates: cents per km
Draft Guidelines on Calculating Electric Vehicle Charging Costs Released by ATO Recordkeeping Requirements and Application of the EV Home Charging Rate for FBT and Income Tax Purposes The ATO recently released draft guidelines setting out a methodology for calculating the cost of electricity when an electric vehicle (‘EV’) is charged at an employee’s or individual’s […]
Last chance to claim deductions under temporary full expensing
Temporary Full Expensing: A Time-Limited Deduction for Businesses Eligibility Criteria, Opt-Out Provisions, and Impending Deadline for the Tax Benefit Deductions under ‘temporary full expensing’ are only available in the 2021, 2022 and 2023 income years, and are expected to come to an end on 30 June 2023. Under temporary full expensing, businesses with an aggregated […]
