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.
https://www.optimisedaccounting.com.au/wp-content/uploads/2023/12/ThumbHomeLossClaim.webp11931206adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2023-12-12 10:56:152023-12-12 10:56:15Taxpayer gets away with claiming a loss on her home
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…
https://www.optimisedaccounting.com.au/wp-content/uploads/2022/05/Screen-Shot-2022-05-10-at-12.54.40-pm.png713881adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2022-05-10 12:55:312023-06-05 10:07:50The 120% deduction for skills training and technology costs
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...
https://www.optimisedaccounting.com.au/wp-content/uploads/2022/05/Screen-Shot-2022-05-10-at-12.44.09-pm.png710860adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2022-05-10 12:48:012023-06-05 10:08:04Can I claim a tax deduction for my gym membership?
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…
https://www.optimisedaccounting.com.au/wp-content/uploads/2020/05/WFH.png736800adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2020-05-01 13:58:412020-05-01 13:58:41Calculating your working from home deductions
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…
https://www.optimisedaccounting.com.au/wp-content/uploads/2019/08/hello-i-m-nik-5dgHxsvJ170-unsplash.jpg36482736Third party articlehttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngThird party article2019-08-16 12:16:042020-02-03 13:21:10Weirdest tax deductions revealed
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…
https://www.optimisedaccounting.com.au/wp-content/uploads/2018/07/Squarish-940x788-tax-deductible-debt.jpg788940adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2018-09-02 16:09:192019-03-19 15:46:18What makes your debt tax deductible?
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…
https://www.optimisedaccounting.com.au/wp-content/uploads/2018/03/Facebook-940x788-ATO-work-expenses.jpg788940adminhttps://www.optimisedaccounting.com.au/wp-content/uploads/2017/08/OA-website-logo.pngadmin2018-04-06 09:28:372019-03-19 16:21:11Do you know what you can and can’t claim?
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