by Meredith Horner | Apr 2, 2024 | 1st Stop News, Superannuation, Tax Deductions, Tax Reporting
How to claim working from home expenses Taxpayers who have been working from home this financial year, and who consequently incurred work-related expenses, have two ways to calculate their work from home deduction: ■ the actual cost method; or ■ the fixed rate...
by Meredith Horner | May 10, 2023 | 1st Stop News, Tax Deductions, Tax Reporting
Last chance to claim deductions under temporary full expensing Deductions under ‘temporary full expensing’ are only available in the 2021, 2022 and 2023 income years, and are expected to come to an end on 30 June 2023. Editor: Under temporary full expensing,...
by Meredith Horner | Mar 6, 2023 | 1st Stop News, GST, Superannuation, Tax Deductions, Tax Reporting
Significant change to claiming working from home expenses Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses. These choices were: The shortcut...
by Meredith Horner | Oct 13, 2022 | 1st Stop News, Superannuation, Tax Deductions, Tax Reporting, Travel Expenses
Banking business income to a private account The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn’t reported....
by Meredith Horner | Jul 25, 2022 | 1st Stop News, Tax Deductions, Tax Reporting
The 2022 tax season is here and the Australian Taxation Office (ATO) is focusing on three key tax areas: Record keeping Capital gains from crypto assets Work related expenses Record Keeping 101 Accurate record keeping is essential as the ATO can reject any deductions...
by Meredith Horner | Jul 13, 2021 | 1st Stop News, Tax Deductions
Important information for employees With lockdowns and social distancing restrictions, many Australian employees have left their office premises and settled into working from home. The Australian Taxation Office has recognised this and has set out a comprehensive list...
