Landmark ruling ends hopes for employees seeking rent deductions during COVID-19 If you’ve been working from home and wondering whether you can claim part of your rent on tax, a recent Full Federal Court decision has delivered a definitive answer: no, you cannot. In a unanimous decision handed down last week, Australia’s Full Federal Court…
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If you use your car for work purposes and want to claim vehicle expenses on your Australian tax return, keeping an ATO-compliant logbook is not optional—it is essential. Yet every year, thousands of Australians either miss out on legitimate deductions or face ATO scrutiny because their logbook records are incomplete, inaccurate, or simply missing. This…
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As Australia enters 2026, a wave of changes across tax, superannuation, childcare, healthcare and household finances is set to affect individuals, families, employees and business owners alike. Some of these reforms are incremental and easy to miss, while others represent significant shifts in how everyday costs and government support systems work. For many Australians, understanding…
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With the end of the 2024–2025 financial year fast approaching, it’s crucial for both business owners and individuals to be aware of and act on effective tax planning strategies. Tax planning goes beyond preparing and lodging your tax return—it’s about structuring your finances to grow your wealth while legally minimising tax. With 30 June 2025…
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The shift to working from home during the COVID-19 pandemic has led many taxpayers to question the extent to which they can claim deductions for home office expenses. One area of confusion involves occupancy expenses, such as rent, mortgage interest, and home insurance, particularly when a specific area of the home is used exclusively for…
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On 15 July 2024, the Australian Taxation Office (ATO) reminded rental property owners to correctly classify their deductions for repairs and improvements in their income tax returns. Proper classification is essential for compliance with tax regulations and to maximize tax benefits. Here’s a comprehensive guide to help you understand the differences between repairs, maintenance, capital…
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As tax time approaches, the Australian Taxation Office (ATO) has highlighted three common errors that taxpayers should avoid. Here’s what you need to know to ensure a smooth and compliant tax return process. Incorrect Work-Related Expenses The ATO is focusing on taxpayers who claim incorrect work-related expenses. Last year, the rules for working-from-home deductions changed.…
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Whether you own a holiday home solely for personal use or rent it out to others, there are crucial tax considerations to keep in mind.
As a real estate industry employee, it’s crucial to accurately report your income and allowable deductions on your tax return. Here’s a breakdown of what you should and shouldn’t include: Income Include all income received during the income year, encompassing: Note: Exclude reimbursements from your income. Your income statement or payment summary will detail your…
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The occupation and industry guides serve as valuable aids when completing your tax return. Utilize these guides to: To qualify for deductions on work-related expenses, you need to adhere to the 3 fundamental rules: What to Include and Exclude It’s essential to report all income received as a doctor, specialist, or medical professional within the…
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