WFH: Eligible occupancy expenses The ATO has found that some taxpayers are incorrectly claiming rent, mortgage interest and other occupancy costs as part of their working from home expenses. The key to getting it right is understanding the difference between running expenses and occupancy expenses, and what you’re eligible to claim. Running expenses are the […]
$20,000 instant asset write-off now permanent for small business As announced in the 2026–2027 Federal Budget, the $20,000 instant asset write-off has been made a permanent feature of the tax system for eligible small businesses. Without the change, the threshold was due to fall back to $1,000 from 1 July 2026. Eligible small businesses with […]
Don’t rush to lodge too early this tax time! The ATO has a clear message this year: slow down and get it right. The ATO automatically pre-fills information from your employer, banks, government agencies and health funds into your tax return to help you get it right the first time. While some pre-fill data trickles […]
Budget offers personal tax relief but super largely untouched The 2026–2027 Federal Budget’s headline personal tax measures will reshape financial planning strategies from 2027. A new $250 working Australians tax offset (WATO) will apply from 1 July 2027, effectively increasing the tax-free threshold for work income to $19,985. Combined with the previously announced $1,000 standard […]
PERSONAL TAXATION Personal tax rates: existing cuts for 2026–2027 and 2027–2028 unchanged In the Budget, the Government did not announce any further changes to the personal tax rates. However, the proposed new $250 working Australians tax offset (WATO) from 1 July 2027 is expected to increase the effective tax-free threshold for income derived from work […]
Will the proposed $1,000 instant tax deduction benefit you? The Federal Government has released draft legislation for a new “instant” standard tax deduction that would allow eligible taxpayers to claim work-related expenses at tax time without receipts. This would replace the current $300 no-receipt immediate deduction limit. However, this is still just a proposal. The […]
AI may be handy for simple money questions, but it’s no substitute for professional advice Artificial intelligence tools are becoming increasingly popular for answering money-related questions. While these tools can be helpful for summarising information and helping you work out what to research next, convenience doesn’t equal accuracy. Tax and super rules can be detailed, […]
Investment properties: tax return errors that trigger ATO follow-up Owning an investment property can be tax-effective, but it’s also one of the ATO’s most closely monitored areas. Here are five errors that most often trigger ATO follow-up, and the related issues to keep in mind. Over-claiming repairs that should be capital works Repairs and maintenance […]
Support for rebuilding after natural disasters If you’ve lost your home, property or business to a natural disaster, knowing what to do next can be daunting. The good news is there’s help available to help you navigate the recovery process. The Federal Government and state and territory governments work together to provide support where natural […]
Heading overseas? Centrelink and the ATO might need to know If you’re planning an overseas holiday, especially if you currently receive Centrelink or other government payments, a little prep will help you enjoy your trip without payment surprises or tax headaches. Different government payments have their own rules about whether, and for how long, they’re […]