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Tax Tips

·         Working From Home & Tax – With working from home becoming more common, it allows taxpayers the chance to claim a deduction for their home office expenses.   Taxpayers can claim a deduction for additional running expenses incurred when working from home at a fixed rate of 52 cents for each hour worked from home.

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June 30th

With June 30 on its way, most people will be keen to lodge their tax returns as soon as they can.  But the ATO has made one thing clear: don’t lodge your tax return too early.  If you don’t have all the information relating to your income, it’s not the right time to lodge your

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Clothing and Tax

There is always some confusion about what constitutes a deduction for work clothing.  You can claim a deduction for the costs you incur to buy, hire, or repair clothing (and footwear) only if it falls within one of the following categories: Occupation-Specific Clothing – must distinctly identify you with your occupation (chef’s chequered pants for

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Rental Properties & Tax for Individuals

  If you receive income from an investment property you own then you are able to claim expenses associated with earning that income. Rental income is relatively straightforward but expenses related to owning and operating the rental property can be more complicated.  There is a long list of possible expenses that can be claimed against

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Income from more than one job?

The tax-free threshold is the amount that the Government has declared to be tax free for each resident taxpayer.  Generally everyone will claim the tax-free threshold, but if you have multiple employers you usually only claim the tax-free threshold from one. Claiming the tax-free threshold reduces the amount of tax withheld from your income and

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Should I use accounting software?

Should I Use Accounting Software?

Many business owners are still using manual methods such as cashbooks/excel spreadsheets to record their income and expenditure.  In some cases this would be enough, but as the business grows, moving to accounting software is well worth the investment.  Reliable accounting software can help to reduce the burden of financial reporting tasks and allow you

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