Where a property is a holiday home, it must be used (or held for use) mainly to produce rental income before the owner can claim any expenses relating to its ownership and use. If this requirement is not met, expenses that are entirely non-deductible may include: * interest expenses; * council […]
The Government has recently introduced legislation that would make the $20,000 instant asset write-off permanent for small businesses (as announced in the 2026 Federal Budget). The Government has also recently introduced legislation to re-introduce the ‘loss carry back’ measure for companies from 1 July 2026. If enacted, this will allow most companies to carry back […]
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. The following are common strategies that may be considered for […]
The following outlines common types of deductible expenses claimed by individual taxpayers, such as employees and rental property owners, and some strategies for increasing their deductions for the 2026 income year. […] CONTINUE READING
