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Taxation
Working from Home Deductions at Tax Time – The ATO’s Crackdown Hotspot
May 27th, 2021The new financial year is here, and the more organised among us are already planning the deductions we’re looking to claim for our 2020-21 tax return. Given that global circumstances changed the way many people worked throughout this financial year, there will be a noticeable shift in the types of deductions people claim – especiallyread more
Refresher: The Main Residence CGT Exemption
March 19th, 2021When it comes to an important moment in your life like selling your family home, the last thing you want is to be slugged with an unnecessary tax liability. Capital Gains Tax (CGT) is something that we’ve covered at length in a few previous articles (see here and here); but today we’ll dig a littleread more
Home-Based Businesses – Know your Deductions
November 6th, 2020Now that another financial year has been and gone, it can be tempting to put tax to the back of your mind as you gear up for another busy year. However, if you’re running a business, particularly from home, it is crucial that you keep on top of what you can claim as a deductionread more
Deceased Estates & The Main Residence CGT Exemption
October 16th, 2020When someone passes away, a wide range of financial considerations can arise. From funeral expenses and insurance policies to the tax implications around inherited assets, the associated complexities are most unwelcome at what is already a particularly stressful time. In this article, we’ll be focusing on that last example - particularly how Main Residence Capitalread more
McKinley Plowman Federal Budget Update 2020/21
October 7th, 2020Welcome to the 2020/21 McKinley Plowman Federal Budget Update! In a year filled with uncertainty, turmoil, crisis, and economic downturn, the Morrison Government’s Budget was always poised to be one filled with recovery measures to get the Australian economy back on track – looking at both the short- and long-term. While the majority of theread more
COVID-19 Compliance at Tax Time
August 19th, 2020Have you applied for COVID-19 stimulus payments for your business? Have you received the JobKeeper payment as an employee? Taken advantage of the Early Release of Super scheme? There are plenty of compliance-related considerations this tax season! After an unusual and challenging second half of the 2019/20 financial year, we’re certainly not out of theread more
JobKeeper 2.0 – The Next Chapter
July 23rd, 2020**Updated following announcement on 6 August 2020** The original JobKeeper payment was announced by the Federal Government in late March 2020 in response to COVID-19 and comprised a $1500 per fortnight wage subsidy for businesses so they could continue to pay eligible workers. For the most part, this payment helped keep people employed and theirread more
Working from Home Deductions: The COVID-19 Shortcut Method
July 10th, 2020Not only has COVID-19 changed the way we socialise and live life day-to-day, the working from home landscape has shifted significantly. What used to be a flexible working arrangement predominantly offered by employers to allow staff to do things like look after children, reduce travel or improve work-life balance, has now evolved into something thatread more
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