Tax Advice

Cryptocurrencies – The tax consequences of using Bitcoin

17 August 2022

Wikipedia defines a cryptocurrency (also known as crypto-currency, or crypto) as a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. Bitcoin was created in 2009 by Satoshi Nakamoto as the…

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Can I deduct the cost of travelling to see my tax agent?

18 October 2021

A taxpayer can claim a deduction for the cost of travel to obtain tax advice. This travel includes:  Using a taxpayer's vehicle to visit their accountant's office. This can be calculated on a cents per km basis. Out of pocket transport costs incurred, such as airfare or taxi fare. Accommodation and meals incurred visiting their tax agent. (This…

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Deduct your overnight travel expenses

22 December 2020

Overnight travel expenses involve being away from home for at least one night for work or business purposes. Business or work travel is in contrast with other types of private travel such as for leisure purposes or regularly commuting between one's home and workplace. Reasons for work or business trips include servicing customers, working at…

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Are fitness expenses tax deductible?

17 November 2020

Fitness expenses will be deductible if employees need an abnormal level of fitness to perform their job. Typically, this applies to only professional sportspeople, physical training instructors with the Defence Force & Police Force, firefighters, and special forces personal. Implementation Process: 1.    Determine whether the employee requires above normal (extreme) levels of fitness to perform…

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Tax deductions for handbags, briefcases and satchels 

13 October 2020

Handbags, briefcases and satchels purchased to carry items for work purposes (such as laptops, tablets, work papers or diaries) may be deductible. The deductibility of the bag will depend on: Cost – It's easier to justify to the ATO that a $300 bag is for work purposes than a $10,000 Prada bag. Type – Large bags…

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Save tax with a home-based business

16 June 2020

  Home-based businesses are small businesses that operate from the owners home. The attractions of starting and running a business from home include: Tax savings from making some of the home occupancies costs tax-deductible. Reduction in overhead costs. More work time as no time is lost commuting in traffic. It improves work/life balance. A home-based…

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Can a Racehorse Beat the ATO?

14 October 2019

The first tax issue to consider with owning a racehorse is whether you are operating as a hobby or a business. Generally, it is difficult to demonstrate to the ATO that you have a racing business unless it is associated with breeding or training activities and is of significant scale. The tax benefits of owning…

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Tax Savings Strategy 219 | Avoid the Luxury Car Tax

19 February 2019

The luxury car tax (LCT) is a tax on cars with a GST inclusive value above the LCT threshold ($66,331 as at 2018/19). LCT is imposed at the rate of 33% above the LCT threshold. LCT is paid by businesses that sell or import luxury cars, and individuals who import luxury cars. Taxpayers can avoid…

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Tax Savings Strategy 214 – First Home Saver Scheme

18 October 2018

From 1st July 2017, taxpayers can contribute up to $15,000 per year in voluntary contributions (up to $30,000 in total), that can be withdrawn for a first home deposit. The contributions must be made into their superannuation account and be within an individual’s existing contribution caps. The contributions and earnings are both taxed in the…

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Choosing a Tax Haven – Legal System

9 October 2018

English law is the preferred governing law for business transactions worldwide, as English law has a well-known, well-developed and reputable jurisprudence. In addition, because of the British Empire, English law is widespread as its former colonies have modelled their legal systems closely on English law. UK tax havens include the 14 British Overseas Territories (including…

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"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"

- Bono: U2