Tax Deductions Australia

As the festive season approaches, employers that hire new employees to help with their business should remember the following when it comes to their employer tax and super obligations: Employers should make sure they are withholding the right amount of tax from payments they make to their employees and other payees, especially as this will […]

Individual taxpayers can take the following steps right now to ensure the correct amount of tax is being put aside throughout the year: let their employer know if they have a study or training support loan, such as a HECS or HELP debt; check they are only claiming the tax-free threshold from one employer; consider […]

The ATO reminds employers they need to keep on top of their payroll governance. This includes: using their tax and super software to record the amounts they pay; withholding the right amount of tax; and calculating superannuation guarantee (‘SG’) correctly. As 30 June gets closer, employers should check their reporting obligations, along with any upcoming […]

The Administrative Appeals Tribunal (‘AAT‘) recently held that a taxpayer should not be allowed deductions for various work-related expenses, largely because the substantiation requirements had not been satisfied. The taxpayer, a real estate salesperson, claimed tax deductions for the 2018 to 2020 income years, during which time he derived income from his employment with a […]

The ATO has announced its three key focus areas for this Tax Time: rental property deductions; work-related expenses; and capital gains tax ATO Assistant Commissioner Tim Loh said the ATO is continuing to prioritise areas where they often see mistakes being made: “Within these areas, we have identified common mistakes, and are particularly focused on […]

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, businesses with an aggregated turnover of less than $5 billion can generally claim a deduction for the full cost of eligible new […]