Existing rules already allow claims for rapid antigen tests and other pandemic kit required by employers, says H&R Block. Teachers, medical staff and personal services workers such as hairdressers could claim deductions for masks, hand sanitisers and RATs without the need for legislative changes, said the director of tax communication at H&R Block. Mark Chapman…
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The ATO has got its sums wrong with its increase in vehicle deductions by just 3¢ per kilometre. The rise in the work-related car expense deduction to 75¢ a kilometre from July fails to reflect the reality, said accounting bodies, and will leave millions of taxpayers short-changed. The ATO announced the rise, up from 72¢, last…
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Retirement advice must be tailored for the individual, writes industry expert Jeremy Duffield. Is there a typical investor? Even if two people are in the same industry, with a similar income, they won’t have the same investment goals. Their personal financial situations will be different, so it makes sense to personalise super investment. Everyone’s circumstances…
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Cryptocurrency is catching on fast in Australia and accountants need to be alert to the tax implications, says the ATO. Trades in cryptocurrency leapt 64 per cent in 2021 and the ATO is using data matching to make sure nothing slips through the net, acting assistant commissioner Sylvia Gallagher said last week. With more than…
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During the pandemic the ATO pressed pause on its usual regime, but it’s slowly returning to business as usual. The ATO will focus on chasing debts and artful tax dodgers now that Australia is returning to normal post-COVID, acting assistant commissioner Sylvia Gallagher said. Speaking at the Accountants Daily Strategy Day in Sydney last week…
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Property market performance across Australia’s east coast, particularly South East Queensland and Northern New South Wales over the past year, could be summarised as having leading price growth, increased auction activity, and favourable internal migration trends. However, the end of February was a sobering reminder of the impact of extreme weather events and climate change. Numerous…
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The recent ATO ruling on trust distributions is an “unfair” change to the game and accountants need to be aware that clients will be under increased scrutiny, says ChangeGPS founder Timothy Munro. Speaking at a recent ChangeGPS webinar, Timothy Munro said accountants were “livid” about the rulings that would force them to completely rethink their strategies heading…
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The federal government has announced financial support is available for flood-impacted victims, as major flooding continues in South-East Queensland and the NSW North Coast. Prime Minister Scott Morrison said Queenslanders impacted by the unfolding “flooding disaster” can apply for up to $1,000 per eligible adult and $400 per eligible child, as part of the government’s Disaster…
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National Australia Bank (NAB) has warned mortgage holders that their loan repayments could climb by a third, or an average of $721, during the next 18 months. A surge home loan pain would also see Australian borrowers experiencing the tightest budget pressures in a decade. NAB has forecasted mortgage rates to increase by 2.25 percentage…
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Small business owners often waste time. Even though a study conducted by TSheets (now QuickBooks Time) found that nearly 60% of self-employed workers in the U.S. said they either worked every weekend or every other weekend, if you’re truly honest with yourself, you’ll probably admit that there’s a difference between spending time on work-like activities…
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