As the financial year draws to a close, now is the perfect time to strategically position yourself for tax time. This month’s newsletter is packed with valuable insights to help you maximise your deductions and navigate potential areas of increased scrutiny from the Australian Taxation Office (ATO).
Inside, you’ll discover opportunities to bolster your superannuation through deductible contributions and explore the benefits of charitable giving, including options like public and private ancillary funds. For investment property owners, we highlight the importance of depreciation schedules.
We also address key areas the ATO is focusing on this year. This includes a detailed look at claiming work-from-home expenses using both the shortcut and actual methods, along with crucial reminders for landlords regarding deductible expenses. Additionally, we cover the correct reporting of gig economy income and important considerations for co-owned properties.
For businesses, we outline opportunities such as writing off bad debts and obsolete plant and equipment, as well as strategies for companies to bring forward tax deductions. We also address ATO risks related to tax debt, reporting obligations, and the scrutiny of professional firm profits.
Stay informed about the recently confirmed increase to the instant asset write-off threshold and gain a deeper understanding of the tax implications of property subdivision projects. Finally, we introduce the ATO’s updated small business benchmarking tool, a valuable resource for comparing your business performance.
Ready to optimise your tax outcomes and minimise risks? Reach out to us today for personalised support and answers to your questions, 02 4304 8888.
