Transport expenses are deductible when you travel in the course of performing your duties. This includes the cost of driving your car, flying, catching a train, taxi or bus…
ATO to review MP allowances ruling
ATO to review MP allowances ruling ATO to review MP allowances ruling With a number of media reports circulating in relation to travel allowances and work-related expenses, the ATO is urging all taxpayers to understand their obligations and check their claims. Tax Commissioner Chris Jordan said there were no special rules for Members of Parliament: […]
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- […]
Running your business from home
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: ¨ […]
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 […]
Salary Sacrifice Rental Property Expenses
Salary Sacrifice Rental Property Expenses Do you have a rental property? Have you thought about salary sacrificing your rental property expenses? Paying for rental property expenses from your before-tax income could result in significant tax savings- particularly if you are entitled to claim an immediate deduction in relation to an expense you have incurred for […]
Government policy changes
Government policy changes Some of the measures the new Government will not proceed with are: • Self Education Expenses Cap • The Government will not proceed with putting a $2,000 cap on the amount people can deduct as self education expenses. • Labor’s $1.8 billion Fringe Benefits Tax hit on the car industry. • The […]
