Christmas Questions! Staff Parties & Gifts! What Is Deductible?

Dec 9, 2021 | Taxation

Each year, we are asked about the tax impact of various Christmas or holiday related gestures. Here are the main areas of concern: Staff Gifts The key to Christmas presents for your team is to keep the gift spontaneous, ad hoc, and from a tax perspective, below $300...

Q&A: CGT main residence exemption for spouses in two separate residences during COVID-19

Dec 3, 2021 | Capital Gains Tax, COVID-19, Taxation

QUESTION Since March 2020 and during the COVID-19 pandemic, a client spent 16 months living in a home he owns in rural Victoria in order to attend to business interests he has there. During this time, his wife continued to live in their Melbourne home (where they...

CASE STUDY: Saving $30,000 On Capital Gains Tax For Our Client

Oct 22, 2021 | Investment Property, Superannuation, Taxation

One of TSP’s long term clients, aged 65 and retired, came to TSP for some advice relating to the sale of an investment property. The property had been owned for over 10 years with capital gains tax required upon its sale. TSP immediately conducted several...

Business Travel: New ATO Guidance on How To Treat Work-Related Travel & Living Away Costs.

Oct 15, 2021 | Taxation

The tax treatment of costs and allowances incurred when an employee travels for work, or spends time living away from home for work, can be misunderstood by employees – and also by employers where fringe benefits tax applies. New ATO guidance goes some way...

Are COVID-19 Grants and Funding Tax Free?

Aug 13, 2021 | COVID-19, Taxation

Most people would think that money provided by the Government to support people and business during a crisis would be tax free? Otherwise, it’s like giving money with one hand and then taking it away with the other, isn’t it? But, the tax laws don’t work like that. To...

Working From Home Expenses

Jul 30, 2021 | COVID-19, Employers, Taxation

If you worked from home during lockdown and spent money on work related items that were not reimbursed by your employer, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed. If you are claiming your...