Blog

HOME OFFICE DEDUCTIONS For employees: As an employee if you perform some of your work from a home office, you may be entitled to a…

Expenses deductible over a number of income years Three types of expenses you may incur for your rental property that may be claimed over a…

What you can claim: You can claim expenses relating to your rental property but only for the period your property was rented or available for…

Low-value pooling You can allocate low-cost assets and low-value assets relating to your rental activity to a low-value pool. A low-cost asset is a depreciating…

You can claim a deduction for a self-education expense if, at the time you incur the expense, it has a sufficient connection to earning income…

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…

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…

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…

To work out your deduction for car expenses, you can use either: 1. Cents / per km method Historical cents/km: 2. Logbook method: Use a…