Tax time is here. It is a stressful time for most people. You have to keep everything in order, itemise your income and expenses and keep your house in order

This year the ATO announced that they were looking to disclose your business debt to credit agencies.

Who Can Use it?

Income Averaging can be utilised by Special Professionals who earn over $2,500 from their first financial-year. The following people are examples of Special Professionals:

• an author of a literary, dramatic, musical or artistic work,

• an inventor,

  ...

According to the ATO, of all of the things that can cause small businesses to fold, "high on
that list is poor record keeping".

More than half of the businesses they visited in their Protecting honest business campaign
needed to improve their record keeping.

Issues the...

Currently when someone purchases Australian real property (ie, land and buildings) they are currently required to remit 10% of the purchase price directly to the ATO as part of the settlement process unless the vendor provides a certificate from the ATO indicating that...

I am forever being asked if you can claim gifts to clients. So here is the short answer.

You can claim a deduction for the cost of gifts bought for work purposes if you are a salesperson or property manager entitled to receive your income from commission or both commiss...

Do you want to claim your home office expenses?

How home office expenses work....

You may be entitled to claim deductions for home office expenses:

• Running costs may be deductible.

• Occupancy expenses are generally not deductible for an employee.

• You must kee...

What you can claim?

You can claim expenses relating to your rental property but only for the period your property was rented or available for rent – for example, advertised for rent.

Expenses could include:

• advertising for tenants

• bank charges

• body corporate...