Last year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for ‘other work-related expenses’, which includes home office expenses. Reportedly, due to a high number of mistakes, errors and questionable claims for home office expenses, the ATO has … Read More
For businesses accounting for income on the cash basis, delaying the receipt of income from May or June to July results in tax savings for two reasons: The income is included in the next financial year, not this financial year. … Read More
This tax strategy enables business owners to utilise the value of their business goodwill to pay out their private mortgage and convert a non-deductible mortgage into tax deductible debt. The average Australian family is paying over $25,000 interest per year … Read More
In the last week of the August Parliamentary sittings, the controversial corporate tax cut plan for the big end of town (i.e., companies with an aggregated turnover of over $50 million) was defeated. In addition, long-awaited legislation impacting the company … Read More