Taxpayer gets away with claiming a loss on her home

A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction. In…

Why is my tax refund so small this year?

The tax refund many Australians expect has dramatically reduced. We show you why. There is a psychology to tax refunds that successive Governments have been reticent to tamper with. As a nation, Australia relies heavily on personal and…

The 120% deduction for skills training and technology costs

It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving…
gym membership tax deductible

Can I claim a tax deduction for my gym membership?

There are lots of reasons to keep fit but very few of them have to do with how we earn our income. As a result, a tax deduction for a gym membership isn’t available to most people. And yes, the Tax Office has heard all the arguments before... 'Keeping…
Are RAT tests tax deductible

Are RAT tests tax deductible?

Are Rapid Antigen Tests (RAT) tax deductible? Well, a recent announcement from the government says yes. Let's go through it all. The government announced on 7 February 2022 that they will ensure COVID-19 testing expenses are tax…

Work from home expenses under scrutiny

If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed. The…
working from home

Calculating your working from home deductions

With many people now working from home because of COVID-19, some of the expenses your employer normally pays – such as electricity, heating and cooling – are now coming out of your wallet. Although some employers may provide a daily…
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Christmas is coming – avoid being stung by FBT

Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season.
International travel

Travel for work – what can I claim?

This is a question that we get quite often. Everyone likes to hope that they can go overseas and claim it as a business expense. But can you? The short answer is sometimes, yes. But often not the entire trip. Firstly there needs to…

What is debt recycling?

We all know that recycling is great for the environment. But debt recycling? Well, if done right, that could be great for your own little patch of planet earth. There are three things that many Aussie property owners wish they could do:…