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Teacher Deductions
Teacher Deductions

Tax deductions for teachers can be industry specific and complex. This blog explores the specific deductions available to education professionals with relevant examples to help explain how the deductions can be applied. The ATO has issued an Interpretive Decision ID 95/13 which specifically deals with tax deductions for teachers which has been outlined below.

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Your essential EOFY checklist
Your essential EOFY checklist

If you are going to donate to charity, now is the time. Any donations you make to deductible gift recipients can be deducted this year. Remember, if you received something in return for the money, like goods purchased at a charity auction, you may not be able to claim a deduction for the full payment. There are special rules dealing with this situation that need to be taken into account.

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The ATO’s FBT Hot Spots
The ATO’s FBT Hot Spots

Just because your business buys a motor vehicle and it is used as a work vehicle, that alone does not mean that the car is exempt from FBT. If you use the car for private purposes – pick the kids up from school, do the shopping, use it freely on weekends, garage it at home

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Profits of professional services firms guildlines suspended
Profits of professional services firms guildlines suspended

In 2015 the ATO published some guidelines ‘Assessing the risk: allocation of profits within professional firms’ which aimed at ensuring that profits derived from professional services firms were taxed in an appropriate manner. In broad terms, the ATO set out some safe harbour approaches that could be used to ensure that practitioners were classified as low risk from a Part IVA point of view.

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Santa’s Tax Crises
Santa’s Tax Crises

Thank you for the opportunity to provide tax advice for your operation. We are pleased you have initiated this advice as the Australian Taxation Office (ATO) is looking closely at any business or individual that operates within Australia but has significant transactions or operations internationally.

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