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Working from home business expenses including setting up your home office

Claiming “working from home” expenses at tax time (2019-20)

Lately, we have been asked many questions relating to COVID-19 and how it will impact claimable deductions in the 2019-2020 Tax Year. The reality is that there are going to be some significant changes. Especially given many of you have incurred additional working from home expenses, that you wouldn’t typically experience in your normal working…

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Our Response to Coronavirus COVID-19

Given the latest updates relating to the Coronavirus (COVID-19), we wanted to let you know that we are on the “front foot”. Therefore, we expect no interruptions to the services we provide at Knox Tax. We will continue to be here to support you, your families and your businesses throughout this potentially stressful, difficult and uncertain…

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WorkSafe Workplace Manslaughter

The Revised Work Safe Workplace Manslaughter Policy | Are You at Risk?

Today, we’re going to be touching on a more serious topic: Workplace Manslaughter Yep! It’s not the prettiest of topics, but it’s something all business owners should be aware of when running a business. Especially in the industry of trades, hospitality, etc. Given Parliament recently passed a bill relating to the Workplace Safety Legislation amendments…

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Dual Cab Utes - Do You Need a Logbook?

Dual Cab Utes & Keeping Logbooks – Do You Need One?

The simple answer – Yes! If ever in doubt on whether you should or shouldn’t have a logbook, our recommendation is always to have one. After all, it’s better to be safe, than sorry! The Australian Tax Office (ATO) have recently warned about tightening-up on their approach towards people who own vehicles through their businesses –…

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How to Claim a Tax Deduction for Personal Super Contributions

How to Claim a Tax Deduction for Personal Super Contributions

This financial year, the ATO have been cracking down on personal super contribution claims because they are wanting to ensure that everyone is following the rules. For some, submitting a Notice of Intent before lodging your tax return seems to be a new process, however, it has been around for a while.  The reason you may only…

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Declaring foreign income

ATO Crackdown! | Are You Declaring Foreign Income in Your Tax Return?

Have you been earning money overseas or have an overseas bank account that you deposit money into? Do you have assets or investments overseas? Have you been a bit naughty by “accidentally” omitting this income from your tax return? If so, this article applies to you.   What is Foreign Income? In simple terms, foreign…

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low and middle income tax offset

What is the New $1080 low and middle income tax offset?

During the 2019–20 Federal Budget the Government announced its desire to change the policy regarding Personal Income Tax.  Recently, it was announced that these changes have been passed through and are law as a new income tax offset. So, what will this mean for you? And what is a tax offset in the first place?…

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work-related travel

Claiming Work-Related Expenses | Part 3 – Other Popular Deductions

Hello everyone & Happy Monday! Continuing our series on work-related expenses, this week we wanted to talk about a couple of other popular items people try to claim in their tax returns. These include work-related travel, clothing, phone & internet, education and “working from home” expenses. If you have not read our first 2 articles…

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Claiming Work-Related Expenses | Part 2 – Claiming Car Expenses

As we mentioned in the first article of this series; “4 Things You Should Know Before Claiming Work-related Expenses“, you may be entitled to claim certain deductions for work-related expenses in your tax return. But: You must have spent the money out of your own pocket You mustn’t have been reimbursed for it already It…

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Article on work-related expenses

Claiming Work-Related Expenses | Part 1 – 4 Things You Should Know!

When completing your tax return, you’re entitled to claim deductions for certain expenses directly related to your income.   To successfully claim a deduction for work-related expenses: You must have spent the money out of your own pocket You must have not been reimbursed for it already It must be directly related to earning your…

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