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Guide to making motor vehicle expense claims

Guide to making motor vehicle expense claims

February 5, 2019

A perennial topic regarding tax deductions is claiming expenses for a car. The following notes summarise the most salient points when it comes to claiming a deduction for motor vehicle expenses. Of course every person’s circumstances may be different, but the following covers most of the relevant information. Key points to keep in mind include:…

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For certain travel expense claims the term itinerant needs clarity

For certain travel expense claims, the term “itinerant” needs clarity

February 5, 2019

Being able to make claims for work-related travel expenses is generally an enviable deduction situation, and one that a good many taxpayers would like to achieve — especially given that the status of being deemed an “itinerant” worker brings with it an expectation of a lot of travel kilometres. While itinerant work is generally held…

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Three quarter FBT year compliance check up

Three-quarter FBT year compliance check-up

November 6, 2018

As the FBT year runs from 1 April to 31 March, the months of October to December mark the “third quarter” of the FBT year, and so, as an early fix before year’s end, here is an overview of the FBT elements that can attract the ATO’s attention. This can be a timely period for…

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Crowdfunding and tax

Crowdfunding and tax

October 4, 2018

Not so many years ago, the concept of raising funds via crowdfunding would more likely be seen as a way to fund community-based, local-issue or help your neighbor initiatives. But increasingly these days crowdfunding is viewed as a viable source of seed capital, and is no longer regarded as the shy little sister of venture capitalism.…

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Get a clear view with a private ruling

October 4, 2018

There have been cases where people believe the idle talk about being able to coerce a better tax outcome simply by applying for a private ruling from the ATO. But there are some sober facts that you may need to keep in mind if you have thought of it yourself. Any taxpayer can apply for…

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Changing details in your tax return after it’s lodged

October 4, 2018

Say for example that we have already lodged your 2017-18 tax return and forwarded your notice of assessment to you saying that everything is as discussed, but you then realise that something has been left out of your return, or you accidentally included an extra deduction or doubled one up. There’s no need to panic…

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Lodgment rates and thresholds guide 2018-19

August 16, 2018

Lodgment rates and thresholds guide 2018-19 To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place. This guide includes tax rates, offset limits and benchmarks, rebate levels, allowances, and essential super as well as FBT rates and thresholds (including current gross-up…

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Claiming self education expenses

Claiming self-education expenses

August 2, 2018

The value of a good education is widely accepted, and it is a common experience over one’s working lifetime to find that further learning is required along the path of one’s chosen career. Changing technology and evolving workplaces means that at some stage in every taxpayer’s life, an educational re-boot could become necessary — as…

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A tax boost for low and middle income earners

A tax boost for low and middle income earners

August 2, 2018

If you or anyone you know are earning income at lower or middle income levels, there’s a new tax offset that has been available since July 1 that was originally announced in the 2018 federal budget last May. But no-one will see any benefit from the new Low and Middle Income Tax Offset (LMITO) until…

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PLAN AHEAD: Tip to better prepare for tax time 2019

PLAN AHEAD: Tip to better prepare for tax time 2019

July 19, 2018

It is highly recommended that you keep receipts for all expenses and possible tax deductions you are considering claiming for you or your business. It is also a good idea to scan and file them electronically so that they are accessible should you need them for audit purposes. If you haven’t used it already, note…

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