by Financially Sorted | Jun 11, 2025 | ATO, EOFY, Tax & Accounting, Tax Returns
One of the most-claimed work-related expenses each year is a working from home deduction, especially in the last few years. In 2024, more than 10 million people claimed a work-related deduction, and many of those claimed a deduction related to working from home. As...
by Financially Sorted | Jun 11, 2025 | ATO, Business, EOFY, Small Business, Tax & Accounting, Tax Returns
Year-end Tax Planning Opportunities & Risks for Individuals & Businesses With the end of the financial year fast approaching, we outline some opportunities to maximise your deductions and give you the low down on areas at risk of increased ATO scrutiny. For...
by Financially Sorted | Jun 1, 2025 | ATO, EOFY, Tax Returns
The ATO has revealed a list of “unbelievable” tax deduction attempts to remind taxpayers that their air fryer purchase “generally won’t make the cut”. With its priority list for the fast-approaching tax time, the ATO has reminded taxpayers that its role is to collect...
by Financially Sorted | Jun 1, 2025 | Economy, Federal Budget, Government Legislation
Labor’s win in the 2025 Federal election sets the stage for a wave of economic and tax reforms that could reshape the financial advice and accounting landscape. Superannuation, trusts, wealth transfer and investment structures are on the radar with these proposals...
by Financially Sorted | Jun 1, 2025 | ATO, Small Business
The ATO has updated its small business benchmarks with the latest data taken from the 2022–23 financial year. These benchmarks cover 100 industries and allow small businesses to compare their performance, including turnover and expenses, against others in their...
