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Home Office Expense and Running Cost

You may be entitled to claim deductions for home expenses including a computer, phone or other electronic devices you are required to use for work purposes, as well as a deduction for running costs. As an employee, generally you can’t claim a deduction for occupancy expenses, including rent, mortgage interest, council rates and house insurance […]

Leaving the Workforce

For people who are retiring, there are a variety of options for making the change. Under the change to retirement rules, if you have reached your preservation age you may be capable to decrease your working hours without reducing your income. You can do this by topping up your part-time income with a regular ‘income […]

When you Can Claim a GST Credit

You must be registered for GST to claim GST credits. You can maintain a credit for any GST included in the price you pay for things that you use in your business. This is called a GST credit (or input-tax credit, a credit for the tax included in the price of your business inputs). You […]

Business Activity Statement

The business activity statement (BAS) is a form submitted to the Australian Taxation Office by all businesses to report their tax obligations. These include pay as you go instalments (PAYG), fringe benefits tax (FBT), wine equalization tax (WET) and luxury car tax (LCT). PAYGW is sometimes known as “Income Tax Withholding (ITW),” PAYGI is sometimes known as “Income Tax Instalments (ITI)“. There is a mixture […]

GST For Taxi Drivers

For GST purposes, the word taxi means a car (vehicle) made offered for public hire that is used to transport passengers for fares. State and territory laws adaptable transportation of passengers contain exact definitions of the term taxi. It is possible for a vehicle to be a taxi for GST purposes, but not for state […]

Depreciation and Capital Expenses and Allowance

You generally can’t deduct spending on capital assets immediately; instead you claim the cost over time, reflecting the asset’s depreciation (or decline in value). This applies to any taxpayer who uses depreciating assets to earn assessable income, including: businesses, small and large rental property investors employees (for equipment and tools they provide at their own […]

Senior Australians - Tax Offsets

Mature age workers, seniors and pensioners may be eligible for tax offsets. If you are a short income earner, you may be entitled for an offset and, if your medical expenses pass the threshold limit, you may be entitled for the medical expenses tax offset too. You may also be eligible for an offset if […]

Interest and Penalties

Australia’s revenue system relies on taxpayers provided that correct information to set up their tax liability and paying the correct amount of tax on time. To ensure the system is fair for everyone: General Interest Charge is applied to an unpaid tax liability from the date it was due to be rewarded until it and the […]

Private Health Insurance Rebate

Your right to a private health insurance rebate or tax offset depends on our income level. If we have private health insurance: the amount of private health insurance rebate we are free to receive is reduced if our earnings is more than a certain amount Tax agent will calculate the amount of private health insurance […]

Tax Concessions – Cars

To be able to claim tax concessions when buying, leasing or modifying a car you must meet the eligibility criteria. There are specific documents required to prove you are entitled. Depending on your situation, you may need to get a medical certificate from Medibank Health Solutions. This is a five-step process which involves completing an […]