by Craig | Aug 2, 2024 | AAT, ATO, Data-matching, Data-matching Program, Online Selling, Small Business, SMSF
ATO’s tips for correctly claiming deductions for rental properties Taxpayers who have work done on their rental property should consider the following factors in determining claims for expenses. Repairs and general maintenance are expenses for work done to...
by Craig | Jul 2, 2024 | ATO, Medicare Levy, Superannuation, Tax, Tax Time
ATO’s ‘main residence exemption tips’ The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property they have lived in. The ATO hopes that the following tips will help in this regard: Taxpayers...
by Craig | Apr 1, 2024 | Deductions, SMSF, Superannuation, TBAR, Work From Home
How to claim working from home expenses Taxpayers who have been working from home this financial year, and who consequently incurred work-related expenses, have two ways to calculate their work from home deduction: the actual cost method; orthe fixed rate method....
by Craig | Mar 2, 2024 | FBT Obligations, Practice Update, Superannuation
Super contribution caps to rise The big news story for those contributing to super is that the contribution caps are set to increase from the 2025 income year. The concessional contribution cap will increase from $27,500 to $30,000. This ‘CC’ cap is...
by Craig | Nov 1, 2023 | Assets, ATO, NANE Income, SMSF
Tax issues for businesses that have received a support payment Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their...
by Craig | Sep 4, 2023 | ATO, SMSF, Tax Time
Appointing an SMSF auditor The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later than 45 days before they need to lodge their SMSF annual return. An SMSF’s audit must be finalised before the trustees lodge...
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