If you own vacant land and are hoping to claim tax deductions, you’ll need to meet strict conditions set by the Australian Taxation Office (ATO). Eligible deductions may include interest payments on loans, land taxes, council rates, and maintenance costs, but only under specific circumstances. What Counts as Vacant Land?According to the ATO, land is […]
When you’re starting a new business venture, it may take some time before the business becomes profitable. And there may be other situations where an established business operates at a loss in a particular year. So, what does this mean tax-wise? When your deductions in an income year are greater than your assessable income, you […]
Deduct work-related expenses People overclaiming deductions for work-related expenses like vehicles, travel, internet and mobile phones and self-education are on the ATO’s hitlist again this year. There are three main rules when it comes to work-related claims: You can only claim a deduction for money you have actually spent (and that your employer hasn’t reimbursed). […]