With the new financial year beginning, experts are urging Australians to start planning their 2023-24 tax returns as the Australian Taxation Office looks to clamp down on work-related expenses and those using the gig economy to combat soaring cost of living pressures.
Experts share top tax tips for new financial year, with ATO set to target work-related expenses and workers in the gig economy
Experts say there are plenty of things Australians can do to get the most out of their returns, with a number of simple tricks potentially saving thousands. Picture: Getty Images According to KPMG tax partner Ursula Lepporoli, the key for many households is staying alert to which areas are coming under increased scrutiny from the ATO. Picture: Sean Gallup/Getty Images
Timesheets and noted calendar entries are now the only acceptable proof of time spent working from home, while at least one record must also be kept for running expenses such as additional electricity costs for remote work. Adding in a $250 fee for the repair of a home office standing desk, would take the total reduction to $722.
In a final tip for both, she reminded households that for items which cost less than $300, such as office chairs, to be used mainly, more than 50 per cent of the time, for work, then it is possible to claim an immediate deduction for the cost. "Unlike your salary which will have PAYG withheld by your employer, no tax will be withheld at source on business or investment income unless you are already making pre-payments of tax through the PAYG instalment system. Therefore, if you have several sources of income, make sure you budget for a tax bill accordingly.
Stuart Symons Rental Property Deductions Work From Home Personal Income Tax Compliance Program Tax Australian Taxation Office People First Bank Albanese Government Stage Three Tax Cuts Gig Economy Income Tax Work-Related Expenses KPMG ATO Tax Gap
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