From 9 May 2023, the Instant Asset Write-Off threshold is $20,000 (GST inclusive) per asset acquired. This change...
Business Articles
New Work From Home Deduction Rules
NEW WORK FROM HOME DEDUCTION RULESFrom 1 July 2022, there are only two ways to claim deductions for ‘working from...
Calculating the cost base of real estate
To calculate a capital gain or capital loss, you need to know the cost base of your asset. The basic rules are the...
Rental Property Deductions
Rental property expenses deductions: What you can claim: You can claim expenses relating to your rental propertybut...
Low Value Pool – Rental
Low-value pooling You can allocate low-cost assets and low-value assets relating to your rental activity to a...
Self-education Deduction
Self-education expenses You may be able to claim a deduction for self-education expenses if your study is work-related...
Prepayment Deduction
Deduction for Prepayment Individuals and businesses can use this guide to work out their deductions for prepaid...
Immediate Deduction
Immediate deduction for certain non-business depreciating assets costing $300 or less The decline in value of certain...
Meal Allowance
Overtime Meal AllowanceA meal allowance claim can only be claimed if the taxpayer receives a meal allowance from the...
Work-related Car Deductions
Work-related car expenses (2 methods): 1. Cents / per km method: maximum 5000km. You do not need written evidence but...
Work-related Deductions
Section 8-1 of Income Tax A (ITAA 1997) Assessment Act 1997 categorises deductions into general deductions and...
How much tax I have to pay as a pensioner?
For those who have reached age pension age, they can earn some income without paying the full tax. If you fit this...