Penalty interest can be deductible, under specific conditions
A new ruling has been released by the ATO on the deductibility or otherwise of "penalty interest". The term penalty interest refers to an...
Records for claiming work related expenses
When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning...
Alternatives to a tax invoice for certain GST credit claims
Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and...
The approach to tax when you’re working from home
If you produce assessable income at home, or some of it, and you incur expenses from using that home as your “office” or “workshop”, the...
The same business test to be replaced by a "similar business" test
Among the first batch of tax legislation the government dealt with in the new year was a bill that contained changes to the "same...