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 | Apr 23, 2025 | ATO, Federal Budget, Tax & Accounting, Tax Returns
Any form of tax cut is always a welcome addition, and the personal tax cuts announced in the Federal Budget have now been passed. Although still some 14 months away, from 1 July 2026, personal income tax rates will change. On the last sitting day of Parliament before...
by Financially Sorted | Mar 3, 2025 | ATO, Tax & Accounting, Tax Returns
The Senate Economics Legislation Committee has recommended that a bill containing amendments to deny income tax deductions for general interest charge (GIC) and shortfall interest charge (SIC) amounts, incurred by taxpayers, be passed by Parliament. In its report, the...
by Financially Sorted | Jan 31, 2025 | ATO, Property Investment, Tax & Accounting, Tax Returns
Records of around 2.2 million landlords, tenants and property managers will be used to track down underreported income by the ATO. The ATO is ramping up its scrutiny into millions of landlords’ tax affairs to catch those who fail to lodge income tax returns and who...
