Category Archives: Tax

Life policy bonuses and tax

When a life insurance policy has been held by a taxpayer for 10 years or longer, reversionary bonuses received on that policy are generally tax-free. For policies held for less than 10 years, stipulated amounts are included in the taxpayer’s … Continue reading

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Be prepared: What you need to bring to your tax return appointment

If you’re coming in soon to discuss your tax return for yourself or your business, try not to turn up completely empty handed, or at least to turn up prepared with some records or electronic access to them. To “be … Continue reading

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Deduction tip: Can you claim the cost of travelling to this office?

Tax time has arrived, but before you have us lodge your return here is another deduction tip — should your circumstances allow (or file this away for next income year.) The ATO recently issued what it calls a “tax determination” … Continue reading

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End-of-year tax planning tips for business

The general rule is that you can claim deductions for expenses your business incurs in its task of generating assessable income. Many of these deductions are obvious – rent, materials, supplies and so on — but there are also some … Continue reading

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What is a tax loss, and how can it be turned to good use?

You generally make a tax loss when the total deductions that can be claimed for a financial year exceed the total of assessable and net exempt income for the year. If you operate a business that makes a loss you … Continue reading

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Q: Who is assessable on interest income?

A: THOSE WHO “BENEFIT” It is a fairly well-established and welcome act for an aunt or uncle or of course a parent to start a savings account for a new addition to the family. It is not so common however, … Continue reading

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Are personal carer travel costs claimable? It depends…

A recent Administrative Appeals Tribunal decision has ramifications for taxpayers with disabilities, and who are in need of a personal carer. The decision centres around what is or is not acceptable as a tax deduction in relation to the costs … Continue reading

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Gumtree sourced assets, and the realities of making a claim

A recent case before the Administrative Appeals Tribunal (AAT) brought into focus a growing phenomenon that you should keep in mind for work-related or business expense deduction claims, especially where the acquisition of claimable assets is made in a certain … Continue reading

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Getting deductions for clothing and laundry expenses right

The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms. To claim a deduction it is generally expected that you … Continue reading

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Tax and the sharing economy

The concept of a “sharing economy” has been around for long enough now to have had a very real impact on how we transact with each other. What is the sharing economy? Think Airbnb, think Uber. By now, most people … Continue reading

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