Depreciation- Crunch the numbers and save

Want to be $96 per week better off? Before walking away from purchasing a first or next investment property, make sure to crunch the numbers correctly. That next bargain may actually be affordable if property depreciation is claimed. Astute…

Maximise property depreciation this tax time

The Australian Taxation Office (ATO) allows property owners to claim depreciation on the structure of any income producing property as well as the fixtures and fittings within the property. Depreciation related to a building’s structure can…

Novated leases and the deductibility of after-tax running costs

Article provided by Tax & Super Australia Including a car in a salary package is a popular remuneration arrangement, and doing so as part of a salary sacrifice package will often give rise the a “novated lease”.  Costs in operating…

Home office deductions: What substantiation will the ATO accept?

Provided by Tax & Super Australia Home office expense claims are subject to the same general substantiation requirements as other deductions – that is, records must be kept for five years. But in practice, full compliance with the…

Substantiation for mobile, home phone and internet costs

Provided by Tax & Super Australia The ATO has issued guidance on making claims for mobile phone use as well as home phone and internet expenses. Substantiation for mobile, home phone and internet costs It says that if a client uses…

Using a Tax Agent

Individual Lodgments You have until 31 October each year to lodge your tax or you have a later due date when a registered tax agent prepares your tax return. Failure to lodge on time penalty The ATO may apply a penalty for failure…