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.
As the prices of bitcoin and other digital currencies take rollercoaster rides, consultation on their tax treatment has commenced. We briefly explain what crypto assets are and the Australian tax implications that come with them.
A common (and at times inaccurate) assumption made about claiming a work related vehicle deduction is that as long as your car use is work related, it can be claimed as a deduction in your tax return. The Australian Taxation Office (ATO) states that to be able to claim car expenses, you must be able to satisfy certain work-related usage conditions.
With lockdowns and restrictions well and truly in the rear-view mirror for most of the country, the Australian Taxation Office is also bringing back their ordinary compliance activity levels. One of the areas they will be paying close attention to is “asset wash sales”.
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