Instant Asset Write-Off Extended to 30 June 2025
As announced in the 2024-25 Budget and now legislated, the $20,000 instant asset write-off limit has been extended for another 12 months, now lasting until 30 June 2025. This extension continues to provide vital support for small businesses.
Working Out Your WFH Expenses This Tax Time
Tax time is fast approaching, and the ATO is likely to focus on common areas where errors are made, including work-related expenses and working from home (WFH) deductions. Knowing what you can claim and how to properly document your claims can help you avoid mistakes when lodging your return.
Car Expenses: Using the Cents Per Kilometre Method
The cents per kilometre method is a simple way to calculate how much you can claim for car-related work or business expenses.
A Gift That Keeps on Giving: Spouse Super Contributions and the Spouse Tax Offset
Are you looking for ways to boost your partner’s retirement savings while potentially lowering your own tax bill?
Super Splitting and Separation: What You Need to Know
Superannuation is a way for couples to plan for their future together, building savings for retirement. But what happens if your relationship comes to an end? The Family Law Act 1975 and the new Family Law (Superannuation) Regulations 2025 work together to create a legal framework for dividing superannuation, including what information a super trustee must provide, how to value super interests, and how to implement the split.
Workplace Giving: How Your Charity Donations Could Lower Your Tax
Looking for a simple way to support causes that matter to you while also getting a tax benefit? Many Australian employers offer workplace giving programs, which provide a hassle-free way to regularly donate to charities that are deductible gift recipients (DGRs).
Understanding Personal Services Income (PSI)
Are you considering becoming an independent contractor, consultant, or freelancer? If you're starting a new career path, it’s important to understand the personal services income (PSI) rules that may apply to you.
Is Your PAYG Withholding Cycle About to Change?
If you're a business owner or work in payroll, you're probably aware of the importance of meeting your Pay As You Go (PAYG) withholding obligations.
Instant Asset Write-Off Extended to 30 June 2025
As part of the 2024-25 Budget and now officially legislated, the $20,000 instant asset write-off limit has been extended for another 12 months until 30 June 2025. This extension continues to provide valuable support for small businesses.
Can You Claim a Deduction for Financial Advice Fees?
When reviewing the expenses you can claim as deductions on your tax return, are the fees you pay to your financial adviser among them? The answer is both yes and no! There are specific limits on what can be claimed, and the ATO has recently clarified the types of fees that individuals can claim.
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