The ATO frequently re-focuses its attention on claims that investment property owners make for repairs to rental residences that it deems to in fact be “improvements”. The scenario where investment properties have work done on them often happens shortly after…
A recent case before the Administrative Appeals Tribunal (AAT) brought into focus a growing phenomenon that you should keep in mind for work-related or business expense deduction claims, especially where the acquisition of claimable assets is made in a certain…
The simplified depreciation rules are attractive for small businesses as they allow an immediate write-off for assets costing less than $20,000. In contrast, tax paying entities that do not qualify as a small business must use the general depreciation rules…
A debt to a business that is unpaid and deemed to be a “bad” debt can be an allowable deduction as long as it was included as assessable income in the present or even a previous income year, and that…
The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms. To claim a deduction it is generally expected that you…
Gumtree or Facebook group sourced assets, and the realities of making a claim A recent case before the Administrative Appeals Tribunal (AAT) brought into focus a growing phenomenon that you should keep in mind for work-related or business expense deduction…
Updated data applied to small business benchmarks The ATO has updated its small business benchmarks with information from key financial ratios drawn from information provided by businesses through activity statements and tax returns. The most recent complete data (for the…
You may not get many clients who can use this tax offset, but one day you may very well get one in the door who will appreciate your familiarity with, and knowledge about the application of, the delayed income tax…
The concept of a “sharing economy” has been around for long enough now to have had a very real impact on how we transact. Think Uber, think Airbnb. By now, most people will have realised that the “sharing” part of…
A not-uncommon conundrum for many SMSF trustees is what to do when the fund is found to have breached the in-house asset rules. There are also some common misconceptions about these regulations that keep resurfacing. What does the ATO say…