by Sophie | Nov 2, 2021 | Business
Self-education expenses You may be able to claim a deduction for self-education expenses if your study is work-related or if you receive a taxable bonded scholarship. In some circumstances you have to reduce the amount of your claim by $250. Eligible courses...
by Sophie | Nov 2, 2021 | Business
Deduction for Prepayment Individuals and businesses can use this guide to work out their deductions for prepaid expenses, which are then claimed at the appropriate item on the tax return. What is a Prepayment? Generally, a prepaid expense is deductible over the...
by Sophie | Nov 2, 2021 | Business
Immediate deduction for certain non-business depreciating assets costing $300 or less The decline in value of certain depreciating assets costing $300 or less is their cost. This means you get an immediate deduction for the cost of the asset to the extent that you use...
by Sophie | Nov 2, 2021 | Business
Overtime Meal Allowance A meal allowance claim can only be claimed if the taxpayer receives a meal allowance from the employer. Allowances must be included in the assessable income. If a meal allowance is incorporated into salary under a workplace agreement and the...
by Sophie | Nov 2, 2021 | Business
Work-related car expenses (2 methods): 1. Cents / per km method: maximum 5000km. You do not need written evidence but you may need to be able to show how you worked out your work-related kilometres. You must keep records for odemetres at the beginning and the end of...
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