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Housework & tax deductions

Today let’s talk about housework – working from the house that is, not cleaning the house!

Working from home has never been easier or more convenient – super fast broadband (for some!); reliable technology and long commutes mean that for many employees, it’s an attractive option. And with the rise of the gig economy and many choosing to go solo with the benefits of being your own boss, it’s super important to maximise your home office expenses and not fall on the wrong side of our friends at the Australian Taxation Office (ATO). Today, we will aim to do all that and leave you with more time to relax (who cares about the housework!). Continue reading “Housework & tax deductions”

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Personal Services Income – Are you affected?

This week I was asked a fairly straightforward question – I am a sole trader, operating with an ABN, can I claim travel to client premises? What’s the big deal you say, of course she can! But as is always the case with tax, the devil is in the detail. The other part of the email gave me some more facts. There is only one client, payment is made on an hourly rate and the travel involves a three hour round trip by car. Suddenly Personal Services Income (PSI) alarm bells were ringing and the answer becomes much more complex. Continue reading “Personal Services Income – Are you affected?”

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All about cars (and tax!)

In my experience, people fall into one of two categories when it comes to cars. There’s me – I couldn’t care less what my car looks or performs like as long as it gets me to where I need to go. In a crisis, I’m able to check the oil and change a tyre, but other than that, I’m just not interested. At the other extreme are some people I know who drive very fancy (think expensive) cars, like to know exactly how it works and how it’s made and take pride in being able to change a tyre in under 3 minutes!

But, when it comes to cars and tax, we all follow the same rules. Today, we’re going through what tax deductions are available for motor vehicles as well as how you can claim eligible GST input tax credits. Continue reading “All about cars (and tax!)”

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10 tax planning tips for small business

As 30 June approaches, many businesses are asking how they can save tax for the year. There’s lots of noise about the instant asset write off and many of the large retailers are offering discounts to entice you to spend before the end of the financial year. But before you leap in, this is only one of the ways to save tax.  Here are 10 tax saving tips for you to think about before you head out to your nearest computer retailer. Continue reading “10 tax planning tips for small business”