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Your guide to claiming self-education deductions & expenses

The question of whether study expenses are tax-deductible can be a complex one. Claiming a deduction under the “self-education” section of your tax return involves fitting into strict criteria and deduction thresholds apply. ATO self-education deduction rules The following summary is from the ATO website: Self-education expenses You can claim…

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Capital Gains Tax changes for foreign residents

The 50% CGT discount no longer applies to foreign residents who make a capital gain on taxable Australian property. This change became law on 29 June 2013. Foreign or temporary resident individuals must meet certain eligibility conditions to apply the CGT discount. From 8 May 2012, the application of the…

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Private Health Insurance Rebate changes

If you have private health insurance, you may be eligible for the Private Health Insurance Rebate. The rebate is means tested against your single or family income (i.e. if you have a partner, the family income test applies to your combined income). Incomes and rebate percentages are summarised below: Single…

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Are your contractors really contractors?

By Jarrod Rogers CPA This article should not be read as personal advice and does not apply to every situation. Should you need advice specific to your circumstances (employer or work) we invite you to become a client. Do you have an ABN? Tens of thousands of people do and…

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ATO email scams

ATO email scams - How to stay safe Spam email is a fact of life, and there are many financial scams around. But it seems that ATO scams are on the increase. I've received scam emails myself, and I've been getting more questions from clients about ATO email fraud.  …

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HECS changes look likely

HECS (HELP) changes looking likely The government looks set to remove the HELP voluntary repayment bonus. While the changes have not gone through parliament, the bill has been introduced by the current government. It's unlikely to be blocked by the opposition, because it was their idea in the first place.…

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Tony’s tax tinkering

Tony's tax tinkering - the new government's plan for the tax system The new government is finally getting down to business, and the sad circus of parliament has resumed, meaning that tax rules are bound to change. Here are some of the changes that are expected. None of the changes…

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Catching up on overdue super fund returns

The Australian Tax Office has warned it is about to get tough with SMSF trustees for failing to comply with the strict compliance rules. If your SMSF or DIY super fund has fallen behind, don’t panic. The most serious penalties are reserved for cases of fraud. But you need to…

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BAS statements explained for a closed business

If the ATO issues a document like a business activity statement (BAS) then they expect it to be lodged on time and any payment made in full. You cannot just ignore BAS statements because your business: Has ceased to operate No longer has a turnover over the GST threshold (currently…

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