As seen in Woopi News November 2025 Do you have a side hustle? In our modern economy, a lot of people work a regular job and then run a small business as a side hustle. How you provide the income and expenses for each activity to your accountant matters. We often find...
As seen in Woopi News October 2025 Often clients say, no I can’t claim that because I receive an allowance, but that’s not how it works. An allowance is recorded as taxable income and a deduction can be claimed for the work related portion of the expense, so long as...
As seen in Woopi News July 2025 Since 1st July 2019, a deduction for holding costs relating to vacant land can no longer be claimed as a tax deduction. This applies even if the land is intended for investment purposes in the future, costs must be capitalised and...
As seen in Woopi News May 2025 In December 2023 as part of the mid year Economic and Fiscal Outlook our government announced it would amend the tax law to deny income tax deductions for ATO interest charges. As with many announcements made by our government it can...
As seen in Woopi News May 2024 As we approach the end of financial year, people tend to start thinking about ways to save tax but as I say every year, if you don’t need it, don’t buy it just to save tax. If you spend $100 and claim that item, you are not getting the...
The ATO has announced changes to the fixed rate method for the 2022/23 income year onwards to a 67c an hour rate which replaces the previous 52c hybrid method rate and the 80c pandemic shortcut rate.
Following on from last month’s article about the ATO’s focus on rental properties, other areas that the ATO are focussing on for the 2022 tax year is record keeping and work related expense claims.
The ATO has issued a release highlighting rental properties as one of its focus areas for the 2022 tax year. It’s an area that is easy to get wrong and extra care needs to be taken when including a rental property schedule in your tax return.
With 30 June fast approaching tax deductions are no doubt on a lot of people’s minds. Whether you are an employee, investor, or business owner it’s always important to remember that when you spend money to save on tax you are only ever going to get a percentage of the money back, as either reduced tax payable or a larger refund.
Occasionally I am asked if costs such as vet bills, dog food and dog bedding can be claimed as a tax deduction. This question is usually coming from a farmer or a tradie with a pooch on his Ute that he likes to refer to as his guard dog.