Bushfire Grants & Assistance

The following bush-fire grants, support, and local donation information has been updated on 20 January 2020 and is in addition to the 13 January 2020 list below.   DISASTER ASSISTANCE RECOVERY GRANTS Disaster recovery grants of up to $75,000 are now available to primary producers in areas affected by the NSW bushfires that have occured [...]

Checklist for bush-fire impacted small business

The Chartered Accountants Australia + New Zealand have compiled a checklist for small businesses impacted by natural disasters. Here are some practical issues small business operators should consider: 1. Are you OK? Running a business is stressful enough without Mother Nature's interference. Reach out to family, friends, advisers and local support groups. 2. Engage with [...]

Cents per kilometre method

The ‘cents per kilometre’ method broadly allows an individual taxpayer to claim up to a maximum of 5,000 business kilometres per car, per year without the need to keep any written evidence (e.g., receipts) of car expenses. Importantly, taxpayers making a ‘cents per kilometre’ claim are required to demonstrate that they worked out the number [...]

“Outrageous” tax deductions rejected

The ATO has published some of the most unusual claims that they disallowed last financial year. Nearly 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses, but the ATO's systematic review of claims had found, and disallowed, some very unusual expenses, including: claims for Lego sets bought as gifts for children, and sporting equipment or [...]

ATO & dodgy car claims

The ATO is making work-related car expenses a key focus again during tax time 2019. Over 3.6 million people made a work-related car expense claim in 2017/18, totalling more than $7.2 billion. The ATO are concerned that some taxpayers aren’t getting the message that over-claiming will be detected and if it is deliberate, penalties will apply. [...]