The ATO usually views expenses associated with a person’s home as those of a private nature. But if you produce your income at home, or some of it, and incur expenses from using your home as your “office” or “workshop”, you will generally be able to claim certain expenses as deductions. Tax deductions are available...

In the four years to June 30, 2012, the self-managed superannuation fund (SMSF) sector grew by 33%, or $109 billion, making it not only the largest slice of the total Australian superannuation pie, but also the fastest growing. The recent growth in the value of assets held in SMSFs has seen a particular investment area...

Closely held and family trust beneficiaries are reminded that they must quote their tax file numbers (TFNs) to trustees before July 31. Otherwise, the trustee is obliged to withhold tax at the top marginal rate, plus Medicare, from any payments distributed to you. A trustee failing to do so can also have penalties applied. In...

By now, most of you will be aware of the government’s decision to increase the Medicare levy by 0.5% to fund Australia’s DisabilityCare program. From July 1, 2014, the Medicare levy will increase from 1.5% to 2% of taxable income. What many people may not realise however is that the Medicare levy increase will cause...

The ATO still finds that there are several assumptions adopted by both workers and employers when determining the tax status of a job appointment, and that employers continually rely on some inaccurate factors when working out whether a worker is an “employee” or “contractor”. Getting that assessment wrong can have significant tax consequences for employers’...

The pain of having to fork out for insurance premiums can be somewhat justified when the event you are insuring against comes to fruition. It’s probably safe to say that most people would rather not make a claim. However, there can be some pre-emptive relief from the pain of these payments through taking account of...

It is not unusual for a person to let out a big whoop of joy when they receive their tax refund but bear in mind – the refund is tax you have overpaid, not the lottery. To ensure you make the most of money that you have worked hard for, a wealth management expert has...

Small businesses to face “triple whammy” of new costs come July 1, 2013 The Australian Chamber of Commerce and Industry (ACCI) has warned small businesses to ready themselves for an onslaught of new costs come July 1, 2013, after the Fair Work Commission increased award wages by 2.6% per week. ACCI chief executive Peter Anderson...

The current financial year is almost at an end, but there are still many strategies you may be able to put into play to ensure you pay not one cent more tax than is necessary for the 2012-13 year. Of course, the best tax tactics are adopted in July, not June (that is, as early...

The buzz generated by the Federal Budget may have come and gone, but it is important to remember that there are several changes to the tax laws that will affect your business’s 2012-13 income tax return, as well as have an impact on subsequent years. Increase to the compulsory super guarantee rate from 9% to...