tax deduction

As a general guideline, the ATO will allow a deduction for insurance premiums if it can be shown that the insurance cover relates to earning assessable income.  Income protection insurance is one example of the kind of cover that may provide an allowable tax deduction for premiums – such claims have been allowed by the

How to get your clients’ myDeductions data The myDeductions tool in the ATO app helps your individual clients keep track of their work-related expenses, gifts and donations on the go. They can email you a CSV file of the deductions they plan to claim, or upload these details to the ATO. If they use the

Business owners would be well advised to not get too creative if you’ve thought how handy it would be to absorb a business loss as a tax deduction for a future income year. The tax law has measures in place to ensure such deductions are limited to those businesses that are legitimately eligible — such