Bottrell Accountants, Financial Planners & Tax Agents

East Maitland Accountants & Financial Advisors, Newcastle Accountants & Financial Advisors

Withholding tax for car allowances

Withholding tax for car allowances Withholding tax for car allowances The ATO has reminded that from 1 July 2015, car expense deductions for individuals were simplified. Prior to 1 July 2015, there were four methods for claiming car expenses: Cents per kilometre – capped at 5,000 kms Logbook – unlimited kms 12% original value One- […]

Check Out The ATO’s apps plus other online tools

Check Out The ATO’s apps plus other online tools As a result of user feedback, the ATO has improved their ATO Small Business app and it continues to expand in functionality and usability. Check Out The ATO’s apps plus other online tools by visiting the ATO website. The most useful features for small business include: ¨      […]

Other Deductions your Could Qualify For

Other Deductions your Could Qualify For What other deductions can employees claim? We have already explained some of the deductions you may be eligible for on this site.  Whenever you spend some cash to earn income, you may be able to claim a deduction for it instantly or in future. There are some other deductions […]

ATO increases focus on rental property deductions

ATO increases focus on rental property deductions The ATO has advised that it will have an increased focus on rental property deductions this Tax Time. It says that it will be paying closer attention to excessive deductions claimed for holiday homes in 2015, and will also be actively educating rental property owners about what they […]

Standard Tax Deductions- Personal Tax

Source:- www.ato.gov.au Standard Tax Deductions- Personal Tax According to the ATO you need to have made the purchase in the course of earning your assessable (taxable) income and it must not be a private, domestic or capital expense. If the expense was both work-related and private or domestic, you can only claim a deduction for the […]