Repairs and maintenance are tax-deductible expenses, yet improvements to the property or capital works or replacement of items are not tax deductible. Deductions claimed for repairs, and maintenance are an area that the Tax Office always looks closely at, so it’s important to understand the rules. An area of major confusion is the difference between […]
Category Archives: Articles
13
Jun
Jun
The ATO is targeting investment property owners – what you need to know. The ATO believes there is a shortfall in tax revenue of around $1 billion dollars due to property investors over-claiming tax deductions or under-declaring the assessable rent. Rather than relying solely on the information presented in the self-assessed income tax return, the […]
01
Jun
Jun
“Financial stress can be defined as difficulty meeting basic financial commitments due to a shortage of money. Financial stress can negatively impact an individual’s health and psychological well-being.” 1 The typical causes of financial stress are the current economic climate, concerns with rising living costs, rising inflation, and increasing interest rates. According to the 2022 […]
09
Mar
Mar
From 1 July 2022, the Australian Taxation Office (ATO) advised that a taxpayer can calculate and claim a tax deduction for working from home expenses by either of two methods. The simplest method is the revised fixed rate method. To use this method, you must; This revised fixed rate method entitles you to claim a […]
28
Feb
Feb
With interest rates rising, energy prices increasing, and the well-publicised difficulty in recruiting and retaining staff, many business owners and CEOs feel alone and/or outside their comfort zone. We are currently experiencing unsettled times. According to some forecasters, the Australian economy faces a 40% chance of a recession over the coming 12 months, and they […]
30
Jan
Jan
As the saying goes, if you were hit by a bus tomorrow, who would you want your assets to go to? By having a will, and if something unexpected happens, your assets will pass onto the person(s) you choose. Research by comparethemarket.com.au reveals that many Australians do not have a will, including almost half that […]
At the risk of sounding like a Christmas grinch, I have outlined below the income taxation and Fringe Benefits Tax implication of holding a Christmas party at a venue such as a restaurant. The following applies to businesses that are not tax-exempt organisations and do not use the 50/50 split method for meal entertainment. The […]
With a recent change in legislation (passed the Senate and awaits Royal assent), you will have the opportunity to top up your superannuation with part of the proceeds of the sale of your home if you are over age 55 and satisfy the following additional conditions; The downsizer contribution to superannuation is up to $300,000 […]
Does that family member also receive Centrelink or Veteran’s Affairs income support? Assisting a family member to enter aged care is a lot of hard work and a very emotional journey. Many emotional and financial decisions need to be made in a very short time. One of the more difficult decisions is whether the family […]
Investment scams have increased by over 160% compared to last year. Investment scams are becoming more sophisticated and dexterous. In the past, investment scams involved promises of big payouts, quick money or guaranteed returns. Generally speaking, you could surmise that if it sounded too good to be true, it probably was. Now, investment scams are […]