A focus on work-related clothing and laundry expenses this Tax Time will see the ATO “more closely examine taxpayers whose clothing claims don’t suit them”.
According to Assistant Commissioner Kath Anderson, around 6 million people claimed work related clothing and laundry expenses last year, with total claims adding up to nearly $1.8 billion.
Parliament has passed the Government’s Personal Income Tax plan, meaning that the first stage of the proposed income tax cuts will start to take effect from 1 July 2018. According to the Prime Minister, taxes “will now be lower, fairer and simpler”.
2017/18 Year End Checklist for Business
Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax planning for small businesses is based around two simple concepts – i.e., accelerating business deductions and deferring income.
2017/18 Individual Tax Return Checklist
Tax saving strategies prior to 1 July 2018
A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year.