Posts tagged "deduction"

The instant asset write-off scheme will cover purchases worth $30,000 and will expand to medium-sized businesses, according to amendments passed in the Senate that significantly expand a plan put forward by the Albanese government.

A Queensland director has been unsuccessful in his bid to claim nearly $50,000 in business travel, accommodation, and food costs as income tax deductions because he didn't have the receipts.

Australian taxpayers are using TikTok to share their surprise and disappointment at their 2022-2023 income tax returns, highlighting some of the significant tax changes that came into effect last financial year.

The federal government has outlined its legislative plan for the Small Business Energy Incentive, framing expectations around the $20,000 'bonus' tax deduction while excluding out high-cost upgrades like new electric vehicles.

SmartCompany asked experts from across the accounting field about how small businesses should optimise their tax return this year.

Small business tax breaks valued at $1.55 billion have passed in the Senate, clearing the way for enterprises nationwide to claim up to $20,000 in bonus deductions this tax season.

The Australian Taxation Office (ATO) has revealed its priority hit-list for the end of financial year period, reminding workers and businesses to stay on top of their work-related expenses and potential capital gains requirements.

Should the bill not pass before June 30 this year, small businesses which upgraded their technology in 2022-2023 on the expectation of a generous tax break will go into the new financial year without legislation underpinning their 'bonus' deductions.

Australians who work from home and want to simplify their tax returns will soon need to record each hour they complete outside the office or worksite.

Small businesses and training organisations have less than a day left to comment on draft legislation covering the Skills and Training Boost, which could exclude self-employed workers from up to $550 million in "bonus" tax offsets.

Last night's debate saw Prime Minister Scott Morrison and Opposition Leader Anthony Albanese rest on their existing economic platforms.

Labor's decision to drop major tax reforms affords local SMEs some "breathing space", according to CPA Australia.