tax deductions

ATO must confirm stance on travel claims when home is the place of work

With some businesses continuing to allow employees to work solely from home following the COVID-19 lockdowns, and others adopting more of a “hybrid” model, Tax & Super Australia (TSA) says the ATO needs to confirm what are legitimate travel expenses for those people who now have their home as their place of work. TSA’s tax

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Don’t let your employer clients miss any 2019-20 super deductions

A key date is just around the corner for being able to claim a deduction for super payments. With all the COVID-19 updates and new information to absorb, it would not have been surprising to see some “usual” issues bounce under the radar over these EOFY days and weeks. However one key deadline is imminent,

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An impressive array of work deductibility guidance

One of the most useful elements of the recently finalised taxation ruling TR 2020/1 can be found in its “not legally binding” section, specifically “Appendix 1 – further guidance”. This section sets out supporting guidance that covers specific occupations and common situations for the principles outlined in the ruling itself. This ruling therefore provides both

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Do you have a legal expense, and is it deductible?

When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by another section of income tax legislation, or is incurred in earning

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An expense that’s hard to categorise? It could be a D15

  Clients now and then may need to be directed towards the supplementary section of a tax return if they are keen to claim a deduction that does not sit comfortably within the other items that precede it. The supplementary section is where we find item D15, “other deductions”. In its guidance, the ATO makes

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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

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A commonly forgotten tax deduction: Association fees

  A commonly forgotten tax deduction is for subscription or membership fees to an association or union, which affects many professionals, business or trades people who will probably be members of some sort of association.  See taxation ruling TR 2000/7. Broadly, the test for deductibility under the rules is whether the payment is an outgoing

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Clients’ car expenses claims to get the blowtorch treatment this tax time

  Assistant Commissioner Kath Anderson has announced that the ATO is particularly concerned about taxpayers either making mistakes or deliberately lodging false claims in relation to work-related car expenses over tax time 2018. “Last year around 3.5 million people made a work-related car expense claims, and together they totalled about $8.8 billion,” Anderson says. “Now that’s a

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