Interest charged by the ATO
11 Jan 2016
You can claim a deduction for interest the ATO charge on: Late payment of taxes and penalties Any increase in your tax liability as a result of an amendment to your assessment Any increase in other tax liabilities, such GST or PAYG Any underestimation of your tax liability when you vary an instalment for GST […]
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Deduction – Income Protection Insurance
08 Jan 2016
You can claim the cost of premiums you pay for insurance against the loss of your income. You must include any payment you receive under such a policy on your tax return. If the policy provides for benefits of an income and capital nature, only that part of the premium attributable to the income benefit […]
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Small business – accelerated depreciation
06 Jan 2016
New laws have passed that allow small businesses to claim an immediate deduction for assets they start to use – or have installed ready for use – provided each depreciable asset costs less than $20,000. This will temporarily replace the previous instant asset write-off threshold of $1,000. This measure starts 7.30pm (AEST) 12 May 2015 […]
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Home office expenses
05 Jan 2016
If you perform some of your work from a home office, you may be entitled to a deduction for the costs you incur in running it, including: for home office equipment (computers, printers and telephones) heating, cooling and lighting the costs of repairs to your home office furniture and fittings cleaning expenses work-related phone calls […]
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