New working from home tax changes! What you need to know: The Australian Taxation Office (ATO) has significantly changed the way that taxpayers claim deductions for costs incurred while working from home. From 1st July 2022 the old fixed rate method of $0.52 cents per hour can no longer be used to calculate your deductions. The …
New working from home tax changes! What you need to know: Read More »
Future earnings for super balances above $3m taxed at 30% from 2025-26 The Government has announced that from 2025‑26, the 15% concessional tax rate applied to future earnings for superannuation balances above $3 million will increase to 30%. The concessional tax rate on earnings from superannuation in the accumulation phase will remain at 15% up …
Taxpayers claiming deductions on holiday homes are in the ATO’s sights. The ATO is concerned that people with holiday homes are claiming more deductions than they should and have published the starting questions they will be asking to scrutinise claims: · How many days was it rented out and was the rent in line with …
What will the ATO be Asking about your Holiday Home? Read More »
What’s the deal with working from home? The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to use a new ‘fixed rate’ method (67 cents per hour), or the ‘actual cost’ method depending on what …
· 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. …
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 …
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 …
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 …
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 …
