ATO targets Teachers: Work related Expenses

The ATO has just released statistics on work related expense claims during last year. Approximately 7.3 million taxpayers claimed work related expenses, and on average $2,008 was claimed for items such as car, travel, uniform and self education. The ATO…

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Claiming tax deduction for home office? Part 3

Today we are looking at claiming tax deductions when you work at home but do not have a home work area. This means that your principal place of business is not at home, nor do you have an area or room primarily or exclusively set aside, but you conduct some business activities at home.

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Claiming tax deduction for home office? Part 2

Today we are examining using your Home Office as a Home work area. This means that your principal place of business is not at home but you have an area, such as a study or a spare room, set aside primarily or exclusively for business activities.

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Lessons from Timbercorp Collapse

What we can learn from this:
Beware of tax-driven schemes – they are usually unviable investments.
If a return sounds too good to be true, then it probably is.
Do your homework.
If you don’t understand it, you shouldn’t be in it

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