Tax Deduction

Working From Home: What Deductions Can You Claim?

Working From Home: What Deductions Can You Claim?

For a while now, the Australian Taxation Office (ATO) has been concerned about tax deductions individuals have been claiming for a whole host of expenses. The latest on their ‘hit list’ are home office expenses.  We guide you through what you can and can’t claim if you work from home.

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( Posted in: Tax )

Always Start With The End In Mind

Always Start With The End In Mind

If the business starts burning down, what's your escape plan?

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Death and Small Business CGT Concessions

Death and Small Business CGT Concessions

They say that two things in life are inevitable – death and taxes. This doesn’t mean that the two have to happen at the same time. Generally where there is a change of ownership in small business, a CGT event is deemed to have occurred which may result in a capital loss or taxable gain. When a person dies, their assets are transferred to their legal personal representative (LPR) or are acquired by a surviving joint tenant, if one exists, and as such the Capital Gains Tax rules apply.

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( Posted in: Tax )

Death and Small Business CGT Concessions

Death and Small Business CGT Concessions

They say that two things in life are inevitable – death and taxes. This doesn’t mean that the two have to happen at the same time. Generally where there is a change of ownership in small business, a CGT event is deemed to have occurred which may result in a capital loss or taxable gain. When a person dies, their assets are transferred to their legal personal representative (LPR) or are acquired by a surviving joint tenant, if one exists, and as such the Capital Gains Tax rules apply.

... read more

( Posted in: Tax )

Clothing Deductions Hung Out To Dry

Clothing Deductions Hung Out To Dry

The ATO says that clothing claims are up nearly 20 per cent over the last five years with people either making mistakes or deliberately over-claiming. Common mistakes include people claiming ineligible clothing, claiming for something without having spent the money, and not being able to explain the basis for how the claim was calculated.

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( Posted in: Tax )

Tax Planning Tips - 2018

Tax Planning Tips - 2018

Here are our top five tax planning tips for 2018. It’s early June now, and a perfect time to go over these tips.

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( Posted in: Tax )

Main Residence Exemption The Burden of Truth

Main Residence Exemption  The Burden of Truth

I would expect that the majority of property owners and investors have heard something about the “six year main residence exemption for Capital Gains Tax purposes”. If not, here is a brief rundown:

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( Posted in: Property )

Have you made a capital gain this financial year?

Have you made a capital gain this financial year?

If you find yourself with a capital gain this year because you sold an investment property or some shares, it is time to take stock of your other investments and determine if now might be the right time to realise a capital loss.

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( Posted in: Tax )