ATO Updates

claiming tax deductions for laundry expenses

Laundry Expense Deductions (How To Claim)

By Wen Wen / August 27, 2021

Claiming tax deductions for work-related clothing expenses 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 will be able to provide evidence that you […]

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avoid common mistakes in your business tax return

Avoid These Common Mistakes In Your Business Tax Return

By Wen Wen / August 17, 2021

How to avoid common mistakes in your returns We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes. To do this make sure you have: Declared all income, including cash and […]

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covid-19 rent concessions and its tax implications

Tax Implications Of COVID-19 Rent Concessions

By Wen Wen / June 29, 2021

Understanding your obligations as a landlord or tenant There may be tax implications when you give or receive rent concessions as a result of COVID-19. It’s important to understand these changes and your obligations as a landlord or tenant. The rent concessions can be: A waiver – the tenant no longer needs to pay the […]

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new guidance on the personal services income rules

ATO’s New Guidelines On The PSI Rules

By Wen Wen / June 22, 2021

ATO releases new guidance on the PSI rules The ATO has recently updated its guidelines on the operation of the personal services income (PSI) and personal service business (PSB) rules. These highly prescriptive rules took effect from the 2000-01 income year after the government became concerned that the income tax base was being eroded through […]

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tax tips for rental property owners

Top 10 Tax Tips For Rental Property Owners

By Wen Wen / April 12, 2021

The ATO shares tips to avoid common tax mistakes The ATO is reminding rental property owners that each year it sees some fairly common mistakes being made with tax claims, and the outcomes that result, in regard to investment properties. It has therefore released a list of the top 10 stumbles, and how best to […]

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Changes to vehicle fbt rules under Covid-19

Changes To Vehicle FBT Rules Under Covid-19

By Wen Wen / March 24, 2021

Other changes to vehicle FBT rules The special circumstances that coronavirus has thrown our way look like having some very practical outcomes on certain areas of fringe benefits tax. One of the most prevalent and well-established categories of fringe benefits centres on the provision and use of vehicles. The parking of a car, for instance, […]

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