OMNIBUSiness COVID-19 Summary Edition
What unprecedented times we’re living in! As soon as we think we’re on top of coronavirus, things change and don’t they change fast? The effect of COVID-19 is having a massive financial impact on all of us in some way and we fear that the impact of the virus will have an even greater impact […]
ATO on property investments
Investing in property? The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they should know. Such as: they need a clearance certificate from the supplier when buying property over $750,000; they may have to pay the GST on the sale of brand new residential property […]
Deductibility of work-related expenses
Employer’s requirements and the deductibility of WREs Some employees may wonder whether a work-related expense (WRE) becomes deductible merely because their employer specifically requires the employee to incur the expense. Importantly, the ATO’s recent draft ruling on the deductibility of work-related expenses reiterates that an employer’s requirements do not determine the question of deductibility. Specifically, […]
Shortcut method for claiming home office running costs
ATO announces shortcut method for claiming home office running costs The Australian Taxation Office (ATO) has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred as a result of working from home due to the Coronavirus pandemic. Based on the announcement, the […]
ATO targeting false laundry claims
ATO targeting false clothing and laundry work-related claims In 2018, around six million people claimed work-related clothing and laundry expenses totalling nearly $1.5 billion. Assistant Commissioner Karen Foat said although many Australians can claim clothing and laundry expenses, it’s unlikely that half of all taxpayers are required to wear uniforms, protective clothing or occupation-specific clothing […]
Business Focus on Real Estate Agencies
What the changing business landscape means for real estate It’s a fact that our business environment is changing significantly, and the real estate sector is no exception. Pick up any newspaper and you’ll read headlines like, “Basically the minimum wage: What real estate agents really earn”, “King Kong Signs Real Estate Disrupter Purplebricks”, or “Why real estate agents suffer […]
Chief Financial Officer Program
Stressed by a lack of accurate financial information? Predicting the financial future of your business is not easy. Most businesses understand the need to price their products or services so they cover costs and make a profit. Understanding your business’s fixed and variable expenses is the first step in performing a break-even analysis. What sets […]
Legal practice management case study
Boutique law firm benefits from Omnis advice Perth’s Glen McLeod Legal is a planning and environmental law practice that provides authoritative and strategic advice and conducts significant litigation for clients in the Supreme Court, Magistrates Court, State Administrative Tribunal and commercial arbitration. Their highly specialised team provides legal advice on planning and environmental law, in […]
Claims for home office expenses
Claims for home office expenses increased The ATO has updated the hourly rate taxpayers can use to determine deductions for home office expenses from 45 cents to 52 cents per hour for individual taxpayers, effective 1 July 2018 (i.e. from the 2019 income year). According to the ATO’s recently updated PS LA 2001/6, individual taxpayers […]
Home office expenses
Expenses you can claim If you’re an employee who regularly works from home, you may be able to claim a deduction for expenses relating to that work. These are generally home office running expenses, and phone and internet expenses. In limited circumstances you may also be able to claim occupancy expenses. One such circumstance is […]
