Posts tagged "tax deductions"

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

Australian lawmakers only have a handful of days to enact $1.55 billion in 'bonus' tax deductions before the new financial year begins, leading the tax office to provide new guidance to small businesses banking on those kickbacks for their 2022-2023 tax return.

A ramped-up instant asset write-off scheme will offer small businesses tax breaks on eligible purchases over the next financial year, averting fears the scheme would drop to cover purchases of just $1,000.

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.

The federal government should legislate a standard tax deduction for work-from-home expenses, mirroring how drivers are reimbursed for every kilometre they cover for work, according to CPA Australia.

YouTuber elmaxo spent hundreds of dollars on a 'collector's phlogistinator' for a video and believes the ATO should accept it as a work expense.

For businesses, the end of financial year (EOFY) can seem a little like high school exams: you’ve had all year to prepare, and yet as the deadline approaches, you realise how much more work there is to do. Tax obligations, deductions, superannuation payments and sorting through records can be enough to stress out even the best of us, but it doesn’t have to be difficult.

CPA Australia is trying to help Aussies stay on the ATO’s good side, with resident tax expert Elinor Kasapidis sharing the six deductions that won’t get past the tax office this time around.

Australian businesses spending on digital skills and equipment will receive $1.6 billion in tax relief under a plan coming into effect tonight.

Use this simple checklist to ensure you're not missing out on any deductions or paying more tax than you are legally required to.

At this time of year, tax deductions are front of mind. Here are some changes to keep in mind due to the COVID-19 pandemic.

Australian business owners and employees will have access to the shortcut method for claiming working-from-home tax deductions until the end of this financial year.