Allomes Accounting & Auditing

28/10/2024

If you use part of your home for work-related purposes, such as storing tools or completing administrative tasks, you may be able to claim a portion of your home office expenses. This can include utilities, internet, and depreciation on office furniture. Keep records of your home office setup and expenses, and calculate the work-related portion accurately.

24/10/2024

If you use your personal phone for work, you can claim a percentage of your phone bill as a deduction. Use a log over a four-week period to calculate the percentage of your work-related usage, which you can apply across the year. Ensure you keep detailed records and calculations.

21/10/2024

It's essential to report all income earned, including cash jobs, to avoid penalties from the ATO. Failing to declare cash income is illegal and can result in significant fines and interest charges. Keep accurate records of all income, including invoices and payments, to ensure your tax return is complete and compliant.

17/10/2024

If you own an investment property, expenses such as mortgage interest, maintenance, insurance, and property management fees can be claimed. Keep detailed records of all costs, and note that only expenses related to earning rental income are deductible. Be mindful of capital works deductions, which spread the cost of construction over several years.

15/10/2024

If you take courses or training that directly improve your skills in your current trade, these expenses are tax-deductible. This includes course fees, textbooks, and travel costs. However, courses that qualify you for a new trade or profession are not deductible. Keep records of your course enrolment, payments, and any related expenses to support your claim.

14/10/2024