Thinking about redrawing from your Investment Loan? While convenient, this action can permanently destroy your ability to claim interest deductions, according to the ATO. This urgent guide explains why redrawing violates the core tax principles and provides safer alternatives (like an Offset Account) to safeguard your tax benefits. Don't let a small mistake lead to massive financial losses in your investment portfolio. Is it a good idea to redraw from investment loans ? I. Co

Thinking of claiming your study costs on your tax return? The Australian Taxation Office (ATO) has released a new draft ruling on self-education expenses, clarifying what taxpayers can and can’t claim as deductions in the 2024 financial year . Self-education what you can claim as an deduction ? This article explains the latest ATO guidance, gives real-world examples, and helps you understand how to stay compliant while maximising your tax benefits. I. What the New ATO Ruling

21 February Lodge and pay December 2023 monthly business activity statement for business clients with up to $10 million turnover who report GST monthly and lodge electronically. Lodge and pay January 2024 monthly business activity statement. 28 February Lodge tax return for non-taxable large and medium entities as per the latest year lodged (except individuals). Payment (if required) for companies and super funds is also due on this date. Payment for trusts in this category i

Electricity is the new black. Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency. We show you how to maximise the deduction! The small business energy incentive is the latest measure providing a bonus tax deduction to nudge the investment behaviour of small and medium businesses, this time towards more efficient energy use and electrification. Fossil fuels are out, gas is out, electricity is the name of the game. Legislation