Category: Tax Deduction

Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours changed.

The ATO’s recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some.

Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore the impact.

Australian government has released the Federal Budget 2017/2018 recently, this includes government priorities and plans to be done for a year forward. Federal Budget 2017/2018 According to the announcement delivered by Treasurer of Australia, Scott Morrison, the Federal Budget 2017 will support several fields which are considered as a main priority to be improved orRead More »

If you have a child with a behavioural disorder, then a little-known ATO tax incentive might be available to you. The Medical Expenses tax offset allows taxpayers to claim deductions on net medical expenses – in other words, the expenses paid out-of-pocket after Medicare and health fund refunds – and this can be applied toRead More »

Businesses have always been able to use depreciating assets as tax deductions. However, the government has now simplified the rules so that it’s easier for small businesses to take advantage of these deductions. They’ve made it possible for small businesses to write off depreciating assets in one fell swoop, rather than at a set percentageRead More »