Can you claim a tax deduction for insurance premiums?
As a general guideline, the ATO will allow a deduction for insurance premiums if it can be shown that the insurance cover relates to earning assessable income.
DetailsDeceased estates: Things you need to know
Unfortunately, having to deal with managing a deceased estate is a task many of us will have to shoulder at some stage in our lives — but having some familiarity with what’s involved beforehand will hopefully ease the burden. It is worth remembering that the law that applies to the assets and income of a…
DetailsBackpacker tax: Government backs down
The Federal Government has responded to pressure and dropped its plan to introduce a 32.5% tax on backpacker workers.
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Changes to unpopular Federal Budget
By Julian Nowland Treasurer Scott Morrison has buckled to intense backbench pressure and dumped many unpopular elements of its superannuation policy that were announced in May’s Federal Budget. Some of the key measures are: The proposed $500,000 limit on after-tax contributions, will be replaced by an annual non-concessional $100,000 limit, down from the current $180,000,…
DetailsClaiming Tax Deductions – Other Work Related Deductions
You can claim a tax deduction for the cost of purchasing tools and equipment that you have used throughout the year to earn your income, and also for the work related use of your home office.
DetailsClaiming Tax Deductions – Self Education Deductions
With a range of self education expenses qualifying as tax deductible in Australia, your studies can save you tax.
Claiming Tax Deductions – Uniform Expenses
Uniform expenses can be a tricky tax return area to navigate. If you have to buy a smart new suit for your office job or a particular brand of clothing from your new employer, it might seem like these are obvious work expenses and valid tax deductions. Not necessarily, according to the Australian Taxation Office.…
DetailsClaiming Tax Deductions – Travel Deductions
Work related travel expenses can be claimed as a tax deduction, which will assist in maximizing your tax refund. According to the ATO, work related travel expenses are any costs incurred as a result of travel, transportation or accommodation accrued during the course of your job. This does not include travel to and from home…
DetailsClaiming Tax Deductions – Motor Vehicle Deductions
With a range of motor vehicle expenses tax deductible in Australia, your car could just end up saving you a bundle come June 30, particularly if you regularly drive your personal vehicle as part of your work. When is a Motor Vehicle Expense Allowable as a Tax Deduction? Eligible work related travel includes: • Travel…
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