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Tax Strategies

Tax Strategy Disclaimer

The content of these Tax Strategies is general information only. It is not and is not intended to be taxation, accounting, business, financial, legal or other professional advice and should not be acted or relied upon as such. Specific professional advice should be sought in respect of particular circumstances and requirements, as the information in these Tax Strategies may not be suitable or applicable to particular circumstances and should not be acted or relied upon. The authors have used reasonable endeavours to ensure that the content is correct and current but do not guarantee that it is correct or current and will not be liable or responsible if it is not. In no event will the authors or any related entity of those persons, or any of their directors, principals, agents, employees or representatives, be liable for any loss, damage, costs or expense (whether direct or consequential) incurred as a result of or arising out of or in connection with this content included in it in whole or in part including but not limited to any error, omission or misrepresentation. The authors also disclaim all representations and warranties, including but not limited to, warranties as to the quality, accuracy or completeness of the information of whatsoever nature and warranties of fitness for a particular purpose.

Structured settlement contributions

Structured settlement contributions are payments an individual has received and contributed into their super fund.

Small business restructure roll-over

Business entity changes involve transferring a business from its current structure to a more advantageous structure.

Temporary loss carry back for eligible companies

Companies can carry back losses from 2020, 2021 & 2022 income years to offset previously taxed profits made in or after the 2019 income year.

Immediate write-off for depreciable assets

Businesses (i.e. those with an annual turnover of less than $5 billion) can claim an immediate deduction for depreciable assets.

Deduct your overnight travel expenses

Overnight travel expenses involve being away from home for at least one night for work or business purposes.

Are fitness expenses tax deductible?

Fitness expenses will be deductible if employees need an abnormal level of fitness to perform their job.

Tax deductions for handbags, briefcases and satchels 

Handbags, briefcases and satchels purchased to carry items for work purposes (such as laptops, tablets, work papers or diaries) may be deductible.

Travel to co-existing work location 

Co-existing work locations travel will be tax deductible where the travel is attributable to the employee having to work in more than one place.

'Special demands travel' from home to work can be tax deductible

Where an employee undertakes 'special demands' travel between home and a regular work location, the trip will be deductible work-related travel

Save tax with a home-based business

A home-based business will be entitled to deduct a portion of their home occupancy costs, including home mortgage interest, 2.5% building write-off, rates, rent, insurance, and maintenance.

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