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Home Guarantee Scheme extends its support for first home buyers
The Federal Government has announced an additional 50,000 places under the Home Guarantee Scheme, available from 1 July 2025 to 30 June 2026. These places are allocated as follows: 35,000 places for the First Home Guarantee 10,000 places for the Regional First...
Income tax concessions for build-to-rent developments
Income tax concessions for build-to-rent developments Measures announced in the 2023–24 Federal Budget to encourage investment and construction in the build-to-rent (BTR) sector are now law. Currently, a tax deduction is available on the cost of constructing of a...
ATO guidance updated for working from home deduction
ATO guidance updated for working from home deduction The Australian Taxation Office (ATO) has issued new guidelines to help you in making a claim for running expenses using the fixed cost method, while working from home from 1 July 2024. Under this guidance, the ATO...
New Deduction Rule for ATO interest charges
From 1 July 2025, a new law will deny income tax deductions for ATO interest charges, such as the General Interest Charge (GIC) and Shortfall Interest Charge (SIC). Announced in the 2023–24 MYEFO and now legislated, this change applies to income years starting on or...
Bonus deduction available for technology investment
Bonus deduction available for technology investment A bonus deduction is available for small and medium businesses that commence digital adoptions. The bonus deduction will be 20% of the cost incurred for business expenses or depreciable assets that support a digital...
ATO occupation and industry guides to help you to work out the expenses you can claim.
ATO publishes occupation and industry guides to help you to work out the income and allowances to declare and the expenses you can claim. https://www.ato.gov.au/individuals/income-and-deductions/occupation-and-industry-specific-guides/ Rules for claiming a work...
Most commost common examples of tip-offs to the ATO
Weekend “cashies” are a risk: most common examples of tip-offs to the ATO Demanding cash from customers, paying workers “cash in hand”, or not declaring all sales are the most common examples of the 43,000 tip-offs received by the ATO in the 2021–22 financial year....
COVID-19 (NSW): business support package
COVID-19 (NSW): business support package released The NSW government has announced a financial support package of more than $1 billion for businesses, workers and the performing arts hardest hit by the Omicron wave. The package includes financial support for small...
Work-related COVID-19 tests tax deductible
Work-related COVID-19 tests tax deductible The government has clarified that work-related COVID-19 test expenses are tax deductible and exempt from fringe benefits tax. Legislation will be introduced to make clear that COVID-19 test costs (including for Polymerase...
Temporary full expensing available until 30 June 2023
Temporary full expensing available until 30 June 2023 New legislation from the government has extended the temporary full expensing rules to 30 June 2023. This legislation was originally announced in the 2021 Federal Budget. This letter is to provide you with a...