Tax

Authoritative and technically accurate information and guidance on all areas of tax

Novated leases and the deductibility of after-tax running costs

Including a car in a salary package is a popular remuneration arrangement, and doing so as part of a salary sacrifice package will often give rise the a “novated lease”.  Costs in operating the vehicle can also be salary sacrificed.  This is typically referred to a fully novated lease. A novated lease arrangement is a

[ Read More ]

Potholes exposed in the road to tax deductions

Jay Huang unearths some “ATO high risk” expenses that typically incorrectly claimed. Potholes exposed in the road to tax deductions Travel between home and work is generally considered as private, and accordingly the expense is not deductible. However, in some circumstances, travel expenses are claimable. This has been a hot focus area for the ATO.

[ Read More ]

Home office deductions: What substantiation will the ATO accept?

Home office expense claims are subject to the same general substantiation requirements as other deductions – that is, records must be kept for five years. But in practice, full compliance with the substantiation rules may be difficult. It may be simple to keep a receipt for a printer purchased for a home business, but not

[ Read More ]

ATO lets the cat out of the bag on what attracts its attention

There are certain behaviours, characteristics and tax issues that the ATO admits will attract its attention. ATO lets cat out of bag on what attracts its attention But as it is more interested to see taxpayers get things right rather than the bother, and expense, of chasing down every misdemeanour, the ATO has spelled out

[ Read More ]

Barbecue stopper: Weird taxes

Barbecue stopper: Weird taxes: If the tax system seems unfathomable sometimes, keep in mind that throughout human history there has been a plethora of “strange” rules and regulations in regards to tax that citizens of various jurisdictions, and time periods, have had to cope with. Barbecue stopper: Weird taxes The hipster haters Henry 8th, who

[ Read More ]