For the 2024–25 financial year in Australia, the Australian Taxation Office (ATO) has updated its rules for claiming work from home (WFH) deductions. Here’s a summary of what you need to know: ✅ Eligibility Criteria To claim WFH deductions, you must: Be genuinely working from home to fulfil your employment duties (not just checking emails occasionally). Incur additional running expenses as a direct…
ATO focus on family trusts – Manage your Risk The ATO has embarked on a compliance program with renewed focus on administering these rules in Section 100A of the Tax Act. Particular focus is appointing trust income to adult children. • Section 100A requires a reimbursement agreement to exist at, or prior to, the time…
Continue Reading Being aware of what’s been legislated over the last year→
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,…
Director ID is a new requirement for all directors. All acting directors, alternate directors, and appointed directors of Australian corporations and registered foreign corporations, managed investment schemes and registered charities under the Corporations Act 2001 (Cth) must apply for their director IDs. This includes a director of a corporate trustee of a SMSF. The director…
Continue Reading Preparing for Your Director Identification Number→
There is a lot to do and keep track of at every stage of your fund. Use these checklists to help you manage your fund and meet your SMSF obligations. SMSF Checklist For other SMSF considerations and obligations click here.
📌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…
