Since the lockdowns of 2020-2021, the idea of working from home has become much more mainstream, with many still working from home at least some days of the week in 2024.
As we head into the 2023/24 tax season, we offer this refresher on how to claim a tax deduction in your personal tax return, for expenses incurred while working from home.
The Australian Taxation Office offers two methods to choose from, when calculating your working from home tax deduction; the fixed rate method an...
Making Sure Your Deductions Don't Get Personal
It can be easy to overlook your personal use of business assets when it comes to completing your business and self managed super fund tax returns but be warned, the ATO is taking an interest in this area.
The ATO’s Small Business Random Enquiry Program found around 16 per cent of small businesses were either carelessly or deliberately overclaiming expenses in their tax returns.
If business assets are used for a mix of business and pr...
New COVID Support from Federal and NSW Government
On 13 July 2021, the Federal and NSW Governments announced extra support for NSW residents impacted by the latest Sydney lockdown. Here is a summary of the support now on offer:
Federal support - Covid-19 Disaster Payment
a payment of up to $600 per week (up from the previous $500) for individuals impacted by Covid lockdowns.
The full $600 payment is for workers who have lost more than 20 hours of work per week.
...
Counting Down to 30 June
It has been a year of change like no other and that extends to tax and superannuation. As the end of the financial year approaches, now is a good time to check some new and not so new ways to reduce tax and boost your savings.
So gather up any paperwork you need to prepare your personal tax return. This may include bank and superannuation statements, records related to share or property investments, receipts for charitable donations and work-related expenses. Wi...
ATO Alert - COVID Affecting Car Fringe Benefits
The ATO is warning employers to take care to avoid unnecessary FBT for car fringe benefits provided to employees.
As a result of the COVID lockdown earlier this year, many employees have been working from home at a far greater rate. If these employees have had the use of a car provided by their employer, the employer will need to check how they are calculating their fringe benefits, to avoid unnecessary FBT.
With working from home beco...
 "Claiming deductions for working from home")
 "Making Sure Your Deductions Don't Get Personal")
 "New COVID Support from Federal and NSW Government")
 "Counting Down to 30 June")
 "ATO Alert - Covid Affecting Car Fringe Benefits for Emplolyers")
