Tag - Work-related expenses

Employer’s requirements and the deductibility of WREs Some employees may wonder whether a work-related expense (or ‘WRE’) becomes deductible merely because their employer specifically requires the employee to incur the expense. Importantly, the ATO’s recent draft ruling on the deductibility of work-related expenses reiterates that an employer’s requirements do not determine the question of deductibility....

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$30,000 instant asset write-off The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off. This now applies to assets...

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‘Cash in hand’ payments to workers no longer tax deductible The ATO has reminded employers that any ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax deductible. ‘Cash in hand’ refers to cash payments to employees that do not comply with pay as you go (‘PAYG’) withholding obligations. Payments...

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GST withholding measures now law Legislation has been passed to “clamp down” on GST evasion in the property development sector. From 1 July 2018, purchasers of new residential premises and new residential subdivisions will generally be required to withhold the GST on the purchase price at settlement and pay it directly to the ATO. Property...

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Work-related tax deductions relating to cars, travel, clothing, internet, mobile phones, and self-education are among the top claims the ATO will be watching at tax time. The move for closer scrutiny follows an announcement which revealed 6.7 million taxpayers claimed a higher-than-expected $7.9 billion in work-related claims last year, with the ATO noting this included...

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