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Owners of rental properties that are either rented or are readily available for rent can claim immediate deductions for a numerous amount of expenses, such as:

There are only two choices for how you can claim work-related motor vehicle travel.

Assets costing below $300 that are used to generate income can be immediately deducted. These assets may include tools for tradespeople, calculators, briefcases, computer equipment and technical books purchased by an employee, or minor items of plant purchased by a landlord.

If a study is directly related to either prolonging or improving current occupational skills or is likely to increase the income received from your current employment then the expenses involved can be claimed as self-education expenses. If any new qualifications obtained in a different field through study, the expenses incurred are not tax deductible.

If part of your home has been set aside solely or primarily for the purpose of work, a home office deduction may be allowable. Heating, cooling, lighting and even office equipment depreciation all come under typical home office expenses.

One way to save considerable tax is to claim all work-related deduction entitlements. Employment-related telephone, mobile phone, internet usage, computer repairs, union fees and professional subscriptions are all examples of typical work-related expenses.

We have been busy the past few months looking at better ways to manage our workflows and communicate with our clients.  So we are very excited with our latest addition, Karbon which brings another layer of connectivity between us and our clients.

Working from home as a contractor sounds like the ultimate dream for anyone who is sick and tired of the rat race, but be cautious as contractors still have more than their fair share of challenges. In fact, perhaps the most important challenge they face is their ability to be fully responsible and accountable to themselves, at the same time being wholly responsible for their own financial management.

Since the weekend all ATO systems have been offline as the ATO suffers a "World First" system failure for a government tax authority.  Apparently the hardware supplied and supported by Hewlett Packard has crashed as well as their backup systems.

A new opportunity for small businesses has arisen in Queensland with the release of  the ‘Small Business Digital Grants Program’, which will provide funding for small businesses to assist in growing their business through the use of digital marketing technologies and services to enable them to work smarter and make the most of online business opportunities arising from digital disruption.