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Tag: Tax Deductions
Correctly dealing with rental property repairs
Taxpayers who have had work done on their rental property should ensure the expense is categorised correctly to avoid errors when completing their tax return. A deduction for ‘repairs and maintenance’ expenses can be claimed for work done to remedy, or prevent defects, damage or deterioration from using the property to earn income. These expenses can be claimed in the
ATO Interest Charges Are No Longer Deductible – What You Can Do?
Leaving debts outstanding with the ATO is now more expensive for many taxpayers. As we explained previously, general interest charge (GIC) and shortfall interest charge (SIC) imposed by the ATO is no longer tax-deductible from 1 July 2025. This applies regardless of whether the underlying tax debt relates to past or future income years. With GIC currently at 11.17%, this
December Newsletter – Christmas Celebrations and Tax Deductions
With many businesses looking at Christmas parties, celebrations and gifts, now is a good time to look at what is tax deductible and what isn’t. Are the costs of client gifts deductible? What about gifts for your staff? Those client lunches or drinks, they’re a deductible expense right? Let’s see if we can answer some of these questions for you.