The Federal budget is out and it’s a once in a generation budget to rebuild and tame the recession. Business is at the heart of our economic recovery with a range of support measures and the creation of jobs.
Work-related expenses can be complex, so it’s important to consider seeking professional advice from registered tax agents like Carrick Aland prior to lodging your tax return.
When it comes to lodging your individual tax return, Carrick Aland notes the important distinction between taxable income and assessable income.
The COVID-19 pandemic has placed property owners and tenants in unforeseen circumstances. Many tenants are paying reduced rent or have ceased paying because their income has been adversely affected by COVID-19.
Working from home because of coronavirus? You’re now eligible for a new 80 cents per hour tax shortcut.
If you work from home right now, remember to keep records and receipts for your home office expenses, along with a record of the hours you work from home. Keeping good records now will help to get your deductions right at tax time. The ATO has a PDF poster you can download to help understand what you can claim.
Read why giving to or receiving money from crowdfunding campaigns set up to help people impacted by drought or disaster can have tax implications.
If you’re an Australian employer, you may be aware that changes took effect from 1 March 2020 to modern awards that will require added compliance.
