Claiming mobile phone & internet If you are claiming mobile phone or internet for work purposes, you may need to work out the percentage that reasonably relates to your work use. Substantiating your claims You are required to keep records for a minimum 4-week period in each income year to claim a deduction of more […]
Gifts and donations You can only claim a tax deduction for gifts and donations to organisations that have the status of deductible gift recipients (DGRs). Deductions for gifts are claimed by the person that makes the gift (the donor). For you to claim a tax deduction for a gift, it must meet four conditions: The […]
Superannuation Contribution Concessional Cap Limits Superannuation contribution cap limits 2015-2016 need to be considered with the financial year finishing next week. There are two types of super contributions: concessional (before-tax) contributions non-concessional (after-tax) contributions. Types of concessional (before-tax) contributions include: employer contributions, such as compulsory employer contributions paid by your employer any additional pre-tax super […]
Are you eligible for the $20,000 instant tax write off? It should be made very clear that the instant tax write off of any assets purchased prior to 30th June 2016 costing less than $20,000 each is NOT a cash refund. You may be eligible to claim the amount of the asset in full as […]
Running a business from home? In a digital age with cloud technology more and more Australians are running a business from home. The roll out of faster broadband and easy access to gadgets such as laptops, tablets and phone apps has provided many Australians flexibility to avoid traditional work hours to accommodate their family time. […]
New Rules for Motor Vehicle Claims. Are you a sole trader or an individual in a partnership? Do you claim a deduction for business-related car expenses when you do your tax return? New rules for Motor Vehicle claims have been legislated. There have been changes to how you calculate your deduction. Read about the changes […]