The four deductions on the ATO’s watchlist this year
Like many of us, if you have continued to work from home this year, you may be planning to claim different expenses than if you were working in an office. With so many claiming work from home expenses, there a four deductions on the ATO’s watchlist this year that they will be looking at closely: […]
What is the Medicare Levy Surcharge?
After a client receives their income tax assessment, we are often asked “What is the Medicare Levy Surcharge I have paid for?” In short, the Medicare Levy Surcharge is a payment some medium and high-income earners pay in addition to the Medicare Levy. The surcharge helps fund Australia’s public health system and encourages those people who […]
Four priorities for the ATO this tax time
The Australian Taxation Office (ATO) has announced its 2022 tax-time hit list. The four priorities for the ATO this tax time are: Record-keeping Work-related expenses Rental property income and deductions Capital gains from crypto assets, property and shares ATO assistant commissioner Tim Loh said the ATO was targeting problem areas where it saw people making mistakes. […]
Five wise ways to spend your tax refund
For those fortunate to expect a tax refund each year, there are wise ways to spend your tax refund. For many, it can be an exciting time waiting for those hard-earned dollars to hit your bank account and planning what to spend their refund on. This can often be an opportunity to treat yourself with […]
The ATO’s revised working from home deduction rules
The ATO has announced revised working from home deduction rules for taxpayers, changing the start date to 1 March 2023 and a fixed-rate deduction of 67c an hour for work from home claims. The finalised guidance follows on from the July 2022 abandonment of the 80c per hour pandemic shortcut method, reducing the options to […]