Truck driver entitled to claim meal expenses
A recent decision by the Administrative Review Tribunal backed a truck driver’s claim for meal expenses, even though he didn’t have all the usual proof.
Claim Instant Deductions with the $20,000 Asset Write-Off in 2024/25
Eligible small businesses can instantly deduct assets costing less than $20,000 in 2024/25. Find out who qualifies, what assets are included, and how to claim under the ATO’s instant asset write-off.
‘Wild’ attempts at tax deductions
The ATO reveals some of the most outrageous disallowed tax deduction claims, including air fryers, swimwear and fashion highlighting focus areas for tax time 2025.
Increase to rate for working from home running expenses
Prefer claiming actual Working From Home expenses? You still can – just keep detailed records to back up your claim.
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 […]
Christmas Parties and Gifts December 2024
Year-end (and other) staff parties With the well-earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients. FBT and […]
Storing correct records for work-related expenses
Work-Related Deductions: What You Need for the New Financial Year Understanding Record-Keeping and Methods for Claiming Working from Home Expenses Taxpayers need to consider what work-related expenses they will be looking to claim in the new financial year, and what records they will need to substantiate those deductions. Records can be kept as a paper […]
Taxpayers can start lodging their tax returns
Streamlined Tax Lodgment: ATO Pre-Filled Data Simplifies the Process Ensure Accurate Deduction Claims and Stay Informed of Changing Rules With millions of pieces of information now pre-filled (including information from most banks, employers, government agencies and private health insurers), the ATO is giving taxpayers with simple affairs the ‘green light’ to lodge their tax returns. […]
