The most common question accountants get asked is “what can I claim as a tax deduction?” and one of the most common things people ask us to do is to “just claim the standard deduction.” In this blog post we are going to take a deep dive into when you can claim for travel expenses and how to make sure you are making a valid claim.

It has been a common practice of business owners, operating through companies, to transfer surplus cash into personal mortgage offset accounts. Then at the end of a financial year transferring the cash back into the business to avoid the consequences of Division 7A (i.e. the funds being treated as an unfranked dividend in the hands of the recipient), before transferring it all back to the offset account in July.

The number one tax strategy to minimise tax, whether you are an individual or business is by making super contributions by 30 June. However, it is easy to miss out on a tax deduction if you don’t know the rules. Here is what you need to know to make sure you don’t miss out:

Coming into the end of a financial year is always a reminder to take a look at what is recent and needs consideration for the current year and what is on the horizon for the next year. Here is a snapshot of what’s new in 2022 and what’s coming for 2023 for individuals, companies, superannuation and trusts:

With the Commonwealth government announcing changes to their support payments to individuals, we thought it would be a good idea to give an update on what’s on offer, eligibility and how to access it. The extended lockdown in NSW has resulted in a rethinking of the eligibility and amounts for the Covid-19 Disaster Payment, while the Pandemic Leave Disaster Payment remains unchanged. Here’s a summary of the key points for both types of payments.

The most common questions we get asked around tax are about what individuals and businesses are able to claim, so we’ve compiled this list of resources to help. Save this post in your Bookmarks/Favourites so you can refer back to it quickly.