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House flipping tax incoming: a taxpayer claims a loss on her home
Flipping houses is a popular way, thanks to TV shows, for Australians looking for a profit renovating a property in order to sell it in the short term. But the reality is less glamorous: taxpayers may soon have to pay a house flipping tax…
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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…
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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…
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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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Weirdest tax deductions revealed
Would you claim the Lego you bought for your kids throughout the year as a tax deduction?
One taxpayer did and it made the Australian Taxation Office’s 2018-19 list of most unusual claims.
The Lego was not the only claim for money spent…
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What makes your debt tax deductible?
There are two kinds of debt in this world: the kind that is tax deductible and the kind that isn’t.
Knowing the difference, and planning your purchases accordingly, can significantly improve your cashflow, opportunities and overall…
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Do you know what you can and can’t claim?
Taxpayers are being put on notice by the ATO, which will be paying close attention to claims for ‘other work-related expenses’ this year.
Ensuring you have appropriate records, and sound advice, will be more important than ever for…