Category: Tax Returns

The idea of making allowances to cover the cost of necessary travel by employees is not a new area of tax, but it had become significant — before the restrictions imposed by the pandemic. Businesses had been increasingly moving staff around to achieve expansion and build greater ties across greater distances, and one assumes (after the pandemic is under control) that the trend will pick up where it left off.

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The financial year is almost over, but there are still effective strategies you may be able to put in place. The aim is to make sure you pay no more tax than you have to for the 2020-21 year and maximise any refunds you may be entitled to. This is still the case, if not more so, in the on-going COVID-19 environment.

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Working tradies need to be certain about what can or can’t be claimed on their annual tax return. A lot of the time, what you can claim depends on whether you’re an employee tradie or a small business (that is, operating as a sole trader, partnership, company or trust).

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Inheriting a home or a legal interest in one could be the largest windfall gain that many Australians ever experience.

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The ATO is reminding rental property owners that each year it sees some fairly common mistakes being made with the claims made, and the tax outcomes that result, in regard to investment properties. It has therefore released a list of the top 10 stumbles, and how best to avoid them.

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As a taxpayer, if you use your own car for work purposes, you can claim a tax deduction using one of two methods — the cents per kilometre method or the logbook method. If you use someone else’s car for work purposes, you can only claim for direct costs you pay for (such as the fuel used).

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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 exempt and non-assessable non-exempt income.

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If you’ve lost your tax file number (TFN) there are a few options for you to try to get it back.

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This tax time, the ATO, as usual, has nominated some tax claim hot spots that it will be paying attention to.

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A new ruling has been released by the ATO on the deductibility or otherwise of penalty interest. Ruling TR 2019/2 replaces an earlier ruling on the same topic that has since been withdrawn (TR 93/7W), and spells out the circumstances when penalty interest is generally deductible and the situations where this is not the case.

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