Expenses you can’t claim You can’t claim a deduction for: coffee, tea, milk and other general household items, even if your employer provides these at work items your employer provides – for example, a laptop or a mobile phone expenses your employer reimburses you for the cost. ✅ Eligibility Criteria To claim working from home expenses,…
1. Maximise Concessional Contributions Cap for 2025–26: $30,000 These are pre-tax contributions (e.g. salary sacrifice or personal deductible contributions). They reduce your taxable income and are taxed at 15% in your super fund (often lower than your marginal tax rate). Just remember to Lodge a Notice of Intent form to claim a deduction with your…
🧾 General Tax Strategies 1. Stage 3 Tax Cuts These are already legislated and apply from 1 July 2024. They reduce the marginal tax rate for many Australians, especially those earning between $45,000 and $135,000. Why it matters: You may pay less tax automatically, but it also affects how you plan deductions and income timing. 2. Work-from-Home Deductions…
I can’t stress the importance of keeping digital records to support your claims. If you cant seem to organise your expenses, use the myDeductions tool in the ATO app to keep a record of your expenses throughout the year. Key changes this tax time, what you can do to prepare, things to consider before lodging,…
📌5 Tips 1. Keep Your Financial Data Organised 2. Immediate Asset Write-Offs 3. Know Your Tax Deductions 4. Top up your voluntary superannuation contributions 5. Look at Loss carry back tax offset Additional tips * Be mindful of cashflow – avoid spending on business assets for the sake of claiming tax deductions. In most cases, you’ll…
