Traditionally, there was a $250 threshold applicable to claiming self education expenses in your income tax return. However, from the 2022-23 tax year onwards, this threshold has been removed.
As we are all wringing out our wallets to find the money to accommodate the increased prices across all industries, the pressure is not set to steady out any time soon. Because there are now 3 things in life that are certain, death, taxes and private health insurance premium increases.
Yes, it’s that time of year again! As the so-called ‘silly season’ gets underway, and with many employers reverting to pre-pandemic norms around meal entertainment, it is the perfect time to consider what benefits your business is going to provide to staff and how, with a little planning, employers might be able to avoid an FBT hangover.
When it comes to claiming working from home expenses in your tax return, taxpayers could soon be needing to make a choice. Deal with more paperwork at tax time to take full advantage of the claim, or face the prospect of a lower tax deduction.
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