Self-education – when is it deductible? Introduction There is no specific provision in the income tax legislation that allows a deduction for self-education expenses. Rather the expenditure falls for consideration under the general deductibility provision of the Tax...
Tax Time: Unexpected first-time debts Introduction For the first time, many Australians are finding themselves in a position where they are being told they owe the ATO money after completing their tax return this year. Navigating Common Misconceptions A significant...
Work-related car expenses updated The ATO has just announced that the cents per kilometre rate has increased to 85 cents per kilometre for 2023/24. To recap, there are two methods to claim work-related car expenses as follows: Cents per kilometre method This method is...
Time for a Restructure? Introduction The new financial year can be a time when business owners look at their operating structure and consider whether it still meets their needs. Choosing a structure is not simply about minimising tax, rather a range of factors should...
Financing motor vehicles One of the most common decisions facing business is how to finance and account for the acquisition of a motor vehicle. There are numerous ways of doing so, with each resulting in differing accounting, taxation and GST treatment. Options How...
FBT exemption for electric vehicles Introduction With car fringe benefits one of the most common benefits provided by employers to employees, a new ATO fact sheet shines more light on the FBT exemption for electric vehicles. To recap, in the October 2022 Federal...
