Here are some more detailed tips relating to a couple of common claims that often attract ATO scrutiny. Working from home A lot of people are still regularly working from home for at least part of the week. If you do, you are entitled to a deduction for the additional costs you incur. To be…

The Australian Taxation Office (ATO) has recently revised its guidance on differentiating between employees and independent contractors. This change follows several court rulings that clarified the criteria for determining whether a worker is genuinely an employee or an independent contractor.  Whether you’re a worker or a business owner, understanding these differences is crucial, as they…

Congratulations! Your investment has done well, and you’re cashing in. You’re happy, and so too is the ATO. That substantial capital gain has brought wealth and a hefty tax bill.  Sharing might be part of the deal but when it comes to your hard-earned profits, you might prefer to keep the ATO’s share to a…

If your super balance has suffered from recent market volatility there may be opportunities available now that weren’t before. Here are a few worth exploring. Entitlement to an Age Pension If you’re 67 or older, a lower super balance may mean you now qualify for the Age Pension or a higher payment if you are…

Billions of dollars in downsizer super contributions have been made since its introduction in 2018. Downsizer contributions are popular, but three common misconceptions keep them from being more so. Downsizer super rules allow people aged 55 and over who sell their home to contribute up to $300,000 into super. The rules say that you can…

Superannuation rules are always changing, and 2025 is set to bring some updates that could affect your retirement savings. Whether you’re just starting to build your super or already planning for retirement, keeping up with these changes can help you make informed decisions. Here’s what’s on the horizon. 1. Possible tax changes for large superannuation…