Tax
Your guide for using business money and the tax consequences.
18 September
Are you using business money or assets for private purposes? Â Using money or assets from your company or trust for private purposes can have tax consequences if you donât account for these transactions correctly. Thatâs why itâs important to...[Read More]
Self-education expenses â can you claim them on your tax return?
11 September
You can claim a deduction for self-education expenses if the education relates to your employment activities. What are self-education expenses? Self-education expenses are the costs you incur when you: undertake courses at an educational...[Read More]
Tax cuts put away for rainy day as spending spree ends
4 September
Spending was flat last month, with tax cuts yet to materially improve retailer fortunes as many chose to stash extra cash away. The flat July outcome was below the 0.3 per cent growth consensus forecast and followed two months of upbeat...[Read More]
Housing approvals bounce back but market still subdued
4 September
A surge in new apartments has fuelled a rebound in sluggish housing approvals, as the coalition floats the possibility of withholding GST payments from states if they donât meet construction targets. There was a 10.4 per cent increase in the...[Read More]
Poorer Aussies feeling pocket pinch with wealth gap
28 August
Poorer Australians are copping the brunt of increasing prices for everyday goods and often have no savings buffer due to wealth inequality and tax breaks favouring the rich, a new report says. Anglicare Australiaâs Widening the Gap report reveals...[Read More]
Claiming business expenses â Your guide to claiming business expenses correctly.
21 August
You can claim tax deductions for expenses you incur while running your business if theyâre directly related to earning your business income. This is also known as assessable income. Take Zac for example. Zac is a sole trader who works as a...[Read More]
Did you energise your business? Find out if you can get a bonus tax deduction for the eligible costs you incurred between 1 July 2023 and 30 June 2024.
14 August
Businesses (with an aggregated annual turnover less than $50âŻmillion) may be able to access a bonus 20% tax deduction with the small business energy incentive (the incentive). This applies to new assets, or improvements to existing assets,...[Read More]
âFighting for crumbsâ as Australia forgoes wealth taxes
14 August
Australia must overhaul how it taxes capital gains, wealth and inheritance to stem spiralling wealth inequality, according to a new report. The wealth of Australiaâs richest 200 people almost tripled as a proportion of national gross domestic...[Read More]
Rich getting richer amid calls to narrow wealth divide
14 August
Ordinary Australians struggle to make ends meet while the richest enjoy billions in untaxed capital gains, a new report claims. The wealth of Australiaâs richest 200 people almost tripled as a proportion of national gross domestic product over the...[Read More]
The instant asset write-off is now law â Find out if your business is eligible for the $20,000 instant asset write-off.
7 August
Have you purchased or upgraded a business asset? If your business has an aggregated annual turnover of less than $10 million, you may be able to deduct the full cost of eligible assets which cost less than $20,000, under the instant asset...[Read More]
The Tax Time toolkit for small business is now available
31 July
Get ready for tax time with ATO small business Tax Time toolkit. The 2024 Tax Time toolkit includes useful information, tools, calculators, learning resources, and other support and services. This toolkit is your one-stop-shop for help during...[Read More]
Tax deductions for home-based business expenses
31 July
How to claim tax deductions for home-based business expenses if you operate some or all of your business from home. What is a home-based business? A home-based business is one where an area of your home is set aside and used exclusively as a...[Read More]
Tax breaks on âbig, dumbâ utes cost the public $250m
24 July
Australian taxpayers lost out on a quarter of a billion dollars in revenue in 2023 thanks to a generous tax loophole for âbig, dumbâ American-style utes, a report says. Large utes such as those made by Chevrolet and Ram are being subsidised as...[Read More]
Call to tax companies that replace workers with AI
17 July
Businesses that replace workers with artificial intelligence tools should pay additional taxes, an inquiry will hear, as well as calls for restrictions on the use of the technology and greater government oversight. The calls are expected at the...[Read More]
Controversial âtravel taxâ behind border security boost
17 July
Tourists are being charged more to leave Australia, as the federal government attempts to bolster biosecurity funding. An additional $47.1 million had been delivered to the biosecurity system after a change to the governmentâs fees and charges,...[Read More]