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 […]
With the end of the 2024/25 financial year fast approaching, it is again time to consider the rules concerning contributions made to your self-managed funds or other superannuation funds for this year. Following are some guidelines regarding current rules and ATO requirements. […] CONTINUE READING
