Getting the benefit of your business tax losses

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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 […]

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Individuals

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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). […]

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