Tax Deductions Australia

In the ATO's sights this Tax Time

In the ATO’s sights this Tax Time

By Warren Kruger / June 13, 2023 / 0 Comments

The ATO has announced its three key focus areas for this Tax Time: rental property deductions; work-related expenses; and capital gains tax ATO Assistant Commissioner Tim Loh said the ATO is continuing to prioritise areas where they often see mistakes being made: “Within these areas, we have identified common mistakes, and are particularly focused on […]

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claim deductions under temporary full expensing

Last chance to claim deductions under temporary full expensing

By Warren Kruger / May 24, 2023 / 0 Comments

Deductions under ‘temporary full expensing’ are only available in the 2021, 2022 and 2023 income years, and are expected to come to an end on 30 June 2023. Editor: Under temporary full expensing, businesses with an aggregated turnover of less than $5 billion can generally claim a deduction for the full cost of eligible new […]

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Small business tax incentives back on the table | Taxwise Australia | (08) 9248 8124

Small business tax incentives back on the table

By Warren Kruger / September 22, 2022 / 0 Comments

The Albanese Government has confirmed its commitment to implementing two tax incentives aimed at supporting small businesses to train and upskill employees and improve their digital and tech capacity. The Technology Investment Boost and the Skills and Training Boost were announced in the 29 March 2022 Federal Budget but remain unlegislated. Small businesses with an […]

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Deduction for Work Related Vehicle Expenses Disallowed | Taxwise Australia | (08) 9248 8124

Deduction for Work-Related Motor Vehicle Expenses Disallowed

By Warren Kruger / October 6, 2020 / 0 Comments

  | | | In a decision of the Administrative Appeals Tribunal, a taxpayer, Mr Bell, was a denied a deduction for $21,565.73 of work-related vehicle expenses for the 2016 income year. Mr Bell, was a construction worker who predominantly worked on a construction site in an eastern suburb of Melbourne and lived approximately 100 […]

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Motor Vehicle Data Matching | Taxwise Australia | (08) 9248 8124

Motor Vehicle Registries Data Matching Program Protocol

By Warren Kruger / September 10, 2019 / 0 Comments

The ATO will match the data provided by the State and Territory motor vehicle registering authorities against the ATO’s taxpayer records with the objective of identifying those who may not be meeting their registration, reporting, lodgment and payment obligations. Details will be requested where records indicate a vehicle has been transferred or newly registered during […]

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Outrageous Deductions | Taxwise Australia | (08) 9248 8124

“Outrageous” Deductions Rejected

By Warren Kruger / September 7, 2019 / 0 Comments

The ATO has published some of the most unusual claims that they disallowed last financial year. Nearly 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses, but the ATO’s systematic review of claims had found, and disallowed, some very unusual expenses, including: claims for Lego sets bought as gifts for children, and sporting equipment or […]

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