Many business clients like to review their tax position before the end of the income year and evaluate any strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax planning for profitable small businesses is based around accelerating deductions and deferring income. […] CONTINUE READING
Common claims made by individuals Some purchases you may consider include: tools of trade, electronic tablets, calculators or electronic organisers, software, books and trade journals, stationery, and briefcases/luggage or suitcases. Clothing expenses Individuals may pay for work-related clothing expenses before 1 July 2025, such as compulsory (or non-compulsory and registered) uniforms, and occupation specific and […]
The ATO recently revealed some of the ‘wild’ work related expense tax claims people have tried to “put past” the ATO, including the following: u A mechanic tried to claim an air fryer, microwave, two vacuum cleaners, a TV, gaming console and gaming accessories as work-related. The claim was denied as these expenses are personal […]
An SMSF must pay a minimum amount each year to a member who is receiving an account-based pension. The minimum amount is calculated by applying the relevant percentage factor based on the member’s age by the member’s pension account balance calculated as of 1 July 2024, or on a pro-rata basis if the pension commenced […]
