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CLAIMING MOBILE PHONE, INTERNET & HOME PHONE EXPENSES
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CLAIMING MOBILE PHONE, INTERNET & HOME PHONE EXPENSES

If you use your own phone or internet for work purposes, you may be able to claim a deduction if all of the following conditions apply: you spent the money yourself the expense is directly related to earning…
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COVID-19 Early Release Of Super
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COVID-19 Early Release Of Super

If you have been financially affected by COVID-19, you may be able to access some of your superannuation early. Eligible citizens and permanent residents of Australia or New Zealand can both: apply for up to $10,000 in 2019–20…
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INSTANT ASSET WRITE-OFF FOR ELIGIBLE BUSINESSES
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INSTANT ASSET WRITE-OFF FOR ELIGIBLE BUSINESSES

Under the instant asset write-off, eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used, or installed ready for use. Instant asset write-off…
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LOW AND MIDDLE INCOME EARNER TAX OFFSETS
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LOW AND MIDDLE INCOME EARNER TAX OFFSETS

If you are an Australian resident for income tax purposes and you pay tax on your taxable income, you may be eligible for both the: low income tax offset low and middle income tax offset. You don’t need…
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OTHER WORK-RELATED DEDUCTIONS
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OTHER WORK-RELATED DEDUCTIONS

 Generally, if you need to spend money as part of your income producing activities, you can claim a deduction for the expense. Depending on the deduction this can be an immediate deduction or over time. To claim a…
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TOOLS, EQUIPMENT AND OTHER ASSETS
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TOOLS, EQUIPMENT AND OTHER ASSETS

If you buy tools, equipment or other assets to help earn your income, you can claim a deduction for some or all of the cost. If you use the tools for both work and private purposes you will…
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CLOTHING, LAUNDRY AND DRY-CLEANING EXPENSES
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CLOTHING, LAUNDRY AND DRY-CLEANING EXPENSES

You can claim a deduction for the cost of buying and cleaning occupation-specific clothing, protective clothing and unique, distinctive uniforms. To claim a deduction, you may need to have written evidence that you purchased the clothing and diary…
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TRAVEL AND ACCOMMODATION EXPENSES
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TRAVEL AND ACCOMMODATION EXPENSES

Other travel expenses you have incurred as an employee that you may be able to claim as a deduction include: expenses you incurred for meals, accommodation and incidentals when travelling away overnight for work, such as going to…
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SELF-EDUCATION EXPENSES
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SELF-EDUCATION EXPENSES

You may be able to claim a deduction for self-education expenses if your self-education relates to your current work activities as an employee or if you receive a taxable bonded scholarship. In some circumstances, you have to reduce…
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HOME OFFICE EXPENSES
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HOME OFFICE EXPENSES

If you’re an employee who works from home, you may be able to claim a deduction for expenses you incur relating to that work. These can be additional running expenses such as electricity, the decline in value of…
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Working from home during COVID-19
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Working from home during COVID-19

We understand that due to COVID-19 your working arrangements may have changed. If you have been working from home, you may have expenses you can claim a deduction for at tax time. Tracking these expenses can be challenging,…
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Claiming Work-Related Car Expenses
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Claiming Work-Related Car Expenses

If you use your own car in performing your work-related duties (including a car you lease or hire under a hire-purchase agreement), you may be able to claim a deduction for car expenses using either the cents per kilometre or…
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EOFY Super Contributions
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EOFY Super Contributions

Don’t leave your contributions to the last minute This is particularly important if you plan to claim a tax deduction for any of your contributions. Contributions are included in a financial year if they are received in your…
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Instant Asset Write Off
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Instant Asset Write Off

Instant Asset Write Off changes announced in Budget 2019 are now law The measure announced in the 2019 Federal Budget to give medium-sized businesses (turnover greater than $10M but less than $50M) the ability to immediately deduct the…
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Single Touch Payroll
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Single Touch Payroll

Single Touch Payroll: What you need to know From 1 July 2019, all employers will need to start complying with Single Touch Payroll, which has been introduced by the ATO to streamline payroll reporting. STP commenced for employers of…
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Family tax benefit payments
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Family tax benefit payments

Reminder: Tax Returns must be lodged by 30 June 2019 for lump sum claims for family assistance and for balancing family tax benefit payments The Dept of Human Services allows a period of one year to submit a…
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Finance EOFY Wrap-up
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Finance EOFY Wrap-up

Finance Market It has been an interesting year for the finance market with a lot of uncertainty which was highlighted in the way of a royal commission. The BIG4 banks were put under the microscope but tried their…
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