Where you stand with vehicles and the boosted instant asset write off

Where you stand with vehicles and the boosted instant asset write off

  The extension of the instant asset write-off from $30,000 to $150,000 until 31 December 2020, as part of the Federal Government’s COVID-19 stimulus measures, provides an opportunity to look at its application to motor vehicles. Note that in addition to the...

Tax return organisation tips

Tax return organisation tips

Despite the current COVID-19 world in which we live, the procedures for completing and lodging tax returns remains pretty much the same. So, before we talk about your tax return, certain information will be needed. Of course, these days the Tax Office pre-filling...

How much do you really “get back” on tax?

How much do you really “get back” on tax?

Coming up to 30 June, so many stores are advertising with tax advice that should always be taken with a grain of salt. Spending all your profit to pay $0 tax isn’t a long-term strategy. A better strategy is to focus on what your post-tax net income is, and what it...

Last-minute tax planning tactics

Last-minute tax planning tactics

This financial year is almost over, but there are still effective strategies you may be able to employ to make sure you pay the right amount of tax for the 2019-20 year and maximise any refund entitlement. This is still, if not more so, the case in the current...

Answers to COVID-19 work-from-home expense questions and CGT concerns

Answers to COVID-19 work-from-home expense questions and CGT concerns

There are many questions being asked lately about claiming expenses when forced to work from home over the COVID-19 period – plus a lot of concern about any consequent capital gains issues when later selling a property from which people have been coerced to work...