tax deductions

ATO shares it’s most frequent small business deduction queries

With the 2017 tax time continuing apace past its 12th week, the ATO has had an opportunity to identify some more-than-anecdotal trends that have emerged through its various channels of taxpayer engagement. Questions from small business taxpayers make up a significant proportion of the enquiries the ATO fields in its day-to-day business, and it has

[ Read More ]

The ATO’s occupation-specific tax deduction guides

To save practitioners time explaining to clients what they can or can’t include as deductions on their tax returns, the ATO has developed a suite of occupation-specific guides. It says these have been designed to help your clients understand what they can think about including, or what is completely off the table, as work-related expenses.

[ Read More ]

Checklist of business deductions

This non-exhaustive checklist of business deductions is designed to provide an easy reference guide to the types of deductions that might be claimed by businesses. This checklist should be read in conjunction with a similar checklist for employees that was published last week (read it here). Note that these deductions may not necessarily be available,

[ Read More ]

EOFY checklist for employment-related tax deductions

This checklist contains a general list of general and specific employment-related deductions and should be used as a guide only. The results may vary depending on individual circumstances. The individual should also have the relevant written evidence where required. Also, how much of the expense is allowable as a tax deduction will depend on the

[ Read More ]

Accelerated depreciation for small business gets extended

In the 2015-16 federal budget, the government increased the small business immediate deductibility threshold from $1,000 to $20,000, which was originally due to end at June 30, 2017. But a law amendment bill has recently been passed by Parliament (here it is) that extends that measure by 12 months until June 30, 2018, after which

[ Read More ]