‘Tax’ Category:

The Australian Taxation Office (ATO) has refreshed the way that taxpayers claim deductions for costs incurred when working from home. The changes better reflect contemporary working from home arrangements. Taxpayers can choose one of two methods to claim working from…

The temporary full expensing rules allow eligible businesses to claim a tax deduction for the full cost of eligible depreciable assets (except for motor vehicles which are subject to the current car cost limit of $64,741). To claim the deduction…

The approach to the year 2000 brought us many things to worry about…and no I don’t just mean the Y2K conspiracy. I am talking about the introduction of the Goods and Services Tax in Australia, or GST as it’s more…

The Government announced a proposal to cut the tariffs and remove fringe benefits tax (FBT) on electric cars from 1 July 2022. If enacted, this will apply to the FBT year that ends on 31 March 2023. Vehicles eligible for…

As from 30 June 2023 the Revenue Legislation Amendment Act 2022 Qld will impact Queensland landowners. Currently Land Tax in Queensland is calculated only on the value of non-exempt landholding in Queensland. From 30 June 2023 this will change to…

In looking at the ATO’s overview of taxation-related statistics (‘Taxation Statistics 2016-17’), interest continues to be (by far) the highest deduction claimed by individual landlords. Based upon individual rental property schedules received by the ATO, approximately 46.5% of total rental…

If you’re lodging your own tax return, you need to lodge it by 31 October each year. If 31 October falls on a weekend, the due date to lodge your tax return is the next business day after 31 October. If you choose…

The excise and excise equivalent customs duty rates have halved for petrol, diesel, and all other petroleum-based products except aviation fuels. This temporary reduction is in place for 6 months and applies from 30 March 2022 until 28 September 2022. Here's what…

There are Extraordinary Disaster Assistance Recovery Grants and Disaster Assistance Loans which are now available to assist small businesses, primary producers and non-profits who were impacted by the South East Queensland rainfall and flooding events between 22 February – 7 March. What is…

The Fringe Benefits Tax (FBT) year is ending on the 31st March 2022. The last thing you want is to realise in early April is that you have exceeded the threshold and find yourself with a FBT liability.  Employers are…