deductions

A quick guide to tradie tax time deductions

For tradies, doing business comes with daily costs. A quick guide to tradie tax time deductions Here are some tradie tax time deductions and expense claims you can make this year. Don’t pay any more tax than you have to this financial year. Your tools, uniform, equipment and vehicle all incur deductible costs.   For

[ Read More ]

Be aware of your clients’ “fingers crossed” expense claims

The ATO has found that certain “higher risk” expenses are typically incorrectly claimed by taxpayers time and again. If your clients persist in suggesting the following expense claims, it will pay to go over the details to make sure the claim is not knocked back. Travel between home and work Travel between home and work

[ Read More ]

Business costs, and the deductibility of interest expenses

If a business racks up an interest bill from borrowing funds to pay for the expenses of running the business, or to acquire other income-producing assets or investments, this expense is generally allowed as a tax deduction for the relevant year. For business taxpayers under the accruals accounting method, a claim can be made for

[ Read More ]

Substantiation for work expense claims

Claims for work-related expenses, car expenses, and travelling expenses incurred by an individual must be substantiated if the claims are to be allowed (Division 900 of ITAA97). As well as the requirement to incur deductible expenditure, the “substantiation” rules impose a strict evidentiary requirement that must be satisfied if claims are to be allowed. Substantiation

[ Read More ]