Category: Uncategorized
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Self education deductions and expensive MBA programmes
Below is an extract from this paper that covers this often overlooked issue… There were 11 private ruling requests in 2022 regarding whether a taxpayer could claim self-education deductions for undertaking an MBA, and that was a low year (by Jan 12 of 2023 there were already 2 for 2023). The reason for there being…
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Apportioning the flight costs where you travel for work and you add on a holiday
Below is an extract from this paper that covers this often overlooked issue… There are obviously circumstances where apportionment of the costs of self-education is required. One of the most common examples of this is the attendance at a work-related conference or seminar where there are both income-earning purposes and for private purposes. But when…
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Employee or contractor
The Commissioner has released a draft Practical Compliance Guideline that states that (in summary – more details in section 3.2 of this paper) if your clients gets advice from you about whether a worker is an employee or contractor, the client informs the work of the outcome and what it means for them in relation…
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“Working from home” and “home is a business” deductions
With the new 67 cents per hour rate from 1 July 2022, and some changes, including not covering depreciable assets and not requiring a dedicated work area, I thought I would write a paper on working from home v your home being a place of business.
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Claiming phone and internet deductions
Five pages that will probably mean you claim a $50 deduction… Thanks for wasting my time Ken
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Remembering Division 7A loans
Not another Division 7A paper… Yes, but keep reading as I believe we have become lazy in how we manage our private company loans, and I think you might need to tighten up your processes to avoid a risk of large dividends arising. Section 1 is just a reminder on what can be loans under…
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GST and Property Development – Change in use and the 5 year rule
I often get asked… “What if we claimed all the input tax credits when we built the residential premises but now we have rented it out for 5 years. Does this mean I get all the input tax credits from building it and then do not remit GST on the sale under the five year…
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Working from home deductions post COVID-19
Draft Practical Compliance Guideline PCG 2022/D4 Claiming a deduction for additional running expenses incurred while working from home – ATO compliance approach The Commissioner has come up with his new rate for working from home deductions post COVID-19. To get this new 67 cent an hour rate you need be working from home while carrying out your employment…
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Budget – don’t blink and you will miss it…
There was a time when we would spend hours every Budget night modelling the tax and super changes to help our clients understand what they mean for themselves and their businesses… but last night we all got a very early night. I know we all were interested in the fact that diplomatic and consular representations…
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Boosts are back
In its pre election budget, the previous Government announced two “boosts”… A skills and training boost and a technology investment boost. Well it looks like the new government has decided to continue with these as the Treasury has released draft legislation for both the skills and training boost and a technology investment boost. Technology investment…
