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Lost or destroyed tax records Dont panic

Lost or destroyed tax records? Don’t panic.

November 8, 2019

Photo by Gift Habeshaw on Unsplash Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim. There can be many reasons for this, such as losing documents (either paper or electronic) when moving home, or technology failures that end up with the same…

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Three wise FBT tips for Christmas

Three wise FBT tips for Christmas

November 8, 2019

Photo by Brigitta Schneiter on Unsplash Employers know that popping a champagne cork or three to celebrate the festive season lets staff know their efforts are appreciated, but the well-prepared business owner will also know that a little tax planning can help ensure that it’s not the business that ends up with the FBT hangover.…

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Fictions and facts about work expense deductions

Fictions (and facts) about work expense deductions

October 1, 2019

There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others. We sort out fact from fiction. This year’s tax time saw media reports about various outlandish tax claims — for example the ATO being faced with claims for dental expenses, gambling losses, Lego sets, sunscreen…

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An FBT reporting exclusion for personal security concerns

An FBT reporting exclusion for personal security concerns

October 1, 2019

The ATO has plans in place that it can put into operation to relieve certain employers from reporting all the fringe benefits they provide to staff. The measure however is only triggered where it can be shown that employees’ personal safety is at risk or under threat. Note that the term “security concerns” in relation…

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Tax and the kids savings

Tax and the kids’ savings

September 2, 2019

If a child is under the age of 18, and they earn income on their savings account, remember that the ATO considers that the person who “owns” the interest depends on who uses the funds of that account (no matter what type of account it is or the name of the account holder). The ATO…

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Tax when youre headed overseas

Tax when you’re headed overseas

August 7, 2019

Most people’s “to-do” list when they are planning a trip overseas will likely include items such as travel insurance, phone chargers or taking photos of their passport — but probably the last thing on anyone’s minds will be their likely tax situation before, during or after that trip-of-a-lifetime. There are a few simple considerations, taken…

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Penalty interest can be deductible under specific conditions

Penalty interest can be deductible, under specific conditions

July 4, 2019

A new ruling has been released by the ATO on the deductibility or otherwise of “penalty interest”. The term penalty interest refers to an amount payable by a borrower under a loan agreement when the lender agrees to an early repayment of a loan. The amount payable is commonly calculated by reference to the number…

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Records for claiming work related expenses

Records for claiming work-related expenses

June 7, 2019

Records for claiming work-related expenses When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income. To successfully claim a deduction for work-related expenses, it’s important that you must have spent the money yourself and weren’t reimbursed, it must be directly related to…

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Personal deductions for car parking expenses

Personal deductions for car parking expenses

June 7, 2019

Car parking fees incurred in the course of producing assessable income are generally deductible, but special rules apply if the car is used by an employee to commute between home and work or the car is provided to the employee by the employer. Non-employees Self-employed persons, partnerships or trusts are entitled to claim deductions for…

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Can the ATOs public rulings help your outcomes

Can the ATO’s public rulings help your outcomes?

May 2, 2019

The ATO can issue public rulings that provide guidance on the interpretation of various tax laws. Public rulings generally deal with priority issues that have been found to require clarification, so if you have a concern about a particular area of tax law, you may find that many of your concerns are shared by others…

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