The 2017 federal budget introduced a number of changes to rental property deductions. The proposed changes are to prevent taxpayers from exploiting certain deductions and also to decrease the impact of negative gearing. From 1 July 2017 deductions for travel expenses for inspecting and maintaining a residential property will not be allowed. This includes all types of travel whether it […]
The government wants the majority of taxpayers to have private health insurance to reduce the costs for the Medicare system. The government aims to attract people towards holding private health insurance by giving a rebate for premiums paid by people below a certain income threshold and penalising you if your income is above a certain threshold […]
Generally the Australian Taxation Office considers home to work travel to be private and therefore non deductible. However, there are a few exceptions: 1. From your normal workplace to an alternative workplace while still on duty and back to normal place of work or home. 2. Shifting places of work – e.g. regularly working at more than […]
If you operate your business from home you may be able to claim deductions for running costs and occupancy costs. Occupancy Costs: These are the costs of owning or renting your home e.g. mortgage interest, house insurance, council rates and rent. Running Costs: Include the following – electricity, cooling, lighting, cleaning and depreciation on furniture and equipment. […]
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