Downsizer contribution measure eligibility has been extended
Downsizer contribution measure eligibility extension The downsizer contribution concession was introduced to allow older Australians selling an eligible dwelling to make additional contributions into their superannuation fund. Broadly, the downsizer contribution concession allows eligible individuals to make non-deductible contributions of up to $300,000 (or up to $600,000 per couple) from the sale of an eligible […]
Masters course fees not deductible as self-ed expenses
Administrative Appeals Tribunal case ruling The AAT has held that tuition fees for a public policy Masters course were not deductible. This ruling was reached on the basis that the course did not relate to the taxpayer’s work as a music teacher. The taxpayer was a qualified teacher who specialised in teaching music. He had […]
Changes to deductions this tax time
Changes to deductions this tax time Taxpayers who are small business owners operating from home, or who use a vehicle for business purposes, need to be aware of some changes when claiming deductions this tax time, including the following. Cents-per-kilometre method – The cents-per-kilometre method for claiming car expenses increased from 72 cents to 78 […]
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 […]
2023-24 Budget Update
Here’s what you need to know On 9 May 2023, Treasurer Jim Chalmers handed down the 2023/24 Federal Budget. Some of the measures announced by the Government (including some which were actually announced prior to the Budget) include: from 1 July 2026, employers will be required to pay their employees’ superannuation at the same time […]
Taxpayers not carrying on an agistment business
AAT finds taxpayers not carrying on a business of providing services to their company Taxpayers not entitled to various deductions for agistment and animal husbandry services provided to their own company, AAT rules The Administrative Appeals Tribunal (‘AAT’) has held that two taxpayers were not carrying on a business of providing services to a company […]
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 […]
Significant change to claiming working from home expenses
Be aware of updated rules when claiming working from home expenses Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses. These choices were: The shortcut method – which was available from 1 March 2020 to […]
Small business tax incentives back on the table
The Government has confirmed its commitment to implementing two tax incentives These aim to support small businesses to train and upskill employees, and improve their digital and tech capacity. The Technology Investment Boost and the Skills and Training Boost were announced in the 29 March 2022 Federal Budget but remain unlegislated. Small businesses with an […]
Rental property income and deductions focus
Tax time focus on rental property income and deductions The ATO is focusing on four major concerns this tax season when it comes to rental properties. Concern 1: Include all rental income When preparing tax returns, make sure all rental income is included, such as from short-term rental arrangements, renting part of a home, and […]
