Bookkeeping
Reading Room - Bookkeeping
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple.
There are a series of bonus deductions available to small business in 2023-24, these include the instant asset write-off, energy incentive, and the skills and training boost.
Take advantage of the 1 July 2024 tax cuts by bringing forward expenses into 2023-24. Prepay your deductible expenses and make deductible super contributions.
The ATO has a new approach to deductions for costs when you work from home. From July 2022, you can choose a fixed rate or actual cost method.
The ATO has updated its guidance on claiming deductions for working from home expenses. Taxpayers must genuinely be working from home to fulfil their employment duties or be carrying on a business activity in order to claim deductions.
The fundamental aspect of Record Keeping 101 is that you can’t claim it if you can’t prove it. If you are audited, the ATO will disallow deductions for unsubstantiated or unreasonable expenses.
Contact details
Suite 401 29-31 Solent Circuit
Norwest Business Park
Baulkham Hills, NSW 2153 Australia
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P:
(02) 9899 3044
F: (02) 9899 1524
About Us
Our Team Members are the heart and soul of our business. Our team's guiding principles are integrity, respect, teamwork, achievement and innovation. Our guiding principles are the keys to our culture and to achieving our vision.
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