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On 3 September 2021, The ATO updated the public information about taxation of certain Government payments during COVID-19 pandemic, following announcements by the Treasurer, Josh Frydenberg. The changes have reclassified a number of Federal and State/Territory Government payment to ‘non-assessable non-exempt’ (‘NANE’) income, meaning the payments a...
Read MoreThe general principles of deductibility of an outgoing, such as interest depends on the taxpayer meeting certain criteria in incurring the expense: A common example of when interest is deductible includes the interest on a mortgage for an investment property that is used to gain or produce assessable income. But if you were to use the investment...
Read MoreWith the dawn on a new financial year upon us, it is now tax season. With 100’s of thousands of people preparing their tax return in July and August following the end of a financial year, we wanted to provide you some tips on common mistakes. We always recommend that you should see an accountant to prepare your individual tax return. Simple mistake...
Read MoreFor those in the business of selling a services that is attributable to your personal skills, knowledge and time, it is more than likely that you are earning Personal Services Income. There are special tax rules that may apply to your circumstances. What is Personal Services Income?
Read MoreChanges to Self-Education Expenses – Budget 2021-2022 Announcement Currently, the first $250 of eligible self-education expenses are non-deductible. Currently, individuals can offset non-deductible self-education costs against the $250, which still required substantiation. The Government’s announcement is to remove the non-deductibility threshold o...
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