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Late or Overdue Tax Returns

Penalties could apply. Some people may have forgotten to lodge a tax return or been too busy or it just hasn’t been a priority but whatever the reason for not lodging, the Taxation Office will require you to lodge a return every year if your income is over a certain threshold. If you have not... Read More

Four methods for claiming work-related car expenses

Individual Tax Return Basics: Car Expenses – Four methods for claiming work-related car expenses You can choose which of the following four methods for claiming work-related car expenses that gives you the largest deduction for any car and choose different methods for different cars. Some adjustments to your claim may need to be made if the... Read More

Small business benchmarks

Small business benchmarks Small business benchmarks update: Benchmarks have been updated with data from the 2010–11 financial year. Benchmarks are updated annually using the latest available income tax data. Small business benchmarks are financial ratios developed from information provided to us by businesses on their tax returns and activity statements. You can use the benchmarks... Read More

Common Tax Mistakes – Rental Properties

Rental properties: Avoiding common mistakes The ATO has identified a number of common mistakes in the tax returns of rental property owners. To help you, ATO has compiled a list of what you should do and common mistakes to avoid including: Construction costs Initial repairs and capital improvements Interest expense Legal expenses Travel expenses Apportionment... Read More