Practical tips

Image result for ato Tips & Tricks articlesThis page contains links to tips and advice for tax professionals on common mistakes and other interesting topics.

On this page:

Your practice
Income tax
Activity statements
Commercial activity
Your practice
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Tips to prevent common mistakes when eliminating cancellations in small businesses
Do you know how to recognize a scam?
Income tax
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CGT retained and indirect Australian real estate interests
Activity statements
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Correct application of the margin scheme
Review of activity reports
Pay-as-you-go tax return with corporate income tax return
Commercial activity
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FBT on home telephone and internet costs
Compensate income tax for small businesses
Sell or close a business
Keep ABN data up to date
Suggestions for keeping a good administration

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Income protection insurance

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You can claim the costs of premiums paid for loss of income insurance. Any payment received under this policy must be included in the tax return. If the policy provides income and benefits related to assets, only the portion of the premium that can be attributed to this income is deductible. It is not possible to claim a deduction for a prize or part of a prize: for a policy that you compensate for things like personal injury when the determined policy runs through your pension and the insurance premiums are deducted from your super contributions. For example, you cannot request a deduction for: premiums for life insurance premiums for trauma insurance insurance premiums for intensive care.
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Claiming a tax deduction for repairs, maintenance and replacement expenses

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You can request a tax deduction for expenses related to the repair, maintenance or replacement of machines, tools or buildings used to generate operating income, provided that the costs are not capital expenditures. A capital expenditure is the money spent to buy assets such as plant and equipment. In this page: What you can claim What you can't claim What you can claim You can request costs for authorized repairs, maintenance or replacement, including: painting conditioning gutters sanitary maintenance repair of electrical appliances correct the losses replacement of broken parts of fences or broken glass in the windows repair machines. It is not necessary to own the property or object that was repaired to request a deduction. A repair is a repair that restores the effectiveness of the good's function without changing its character to keep it in its original state. For example, it is possible to repair faults or replace parts, but it is not possible to complete...
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Truck drivers – income and work-related deductions

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If you earn your income as a truck driver, this information will help you understand the following: income and allowances are indicated you can and cannot claim a work deduction the information that you must keep. When we say: "truck" means a large, heavy vehicle used to transport items or goods "Local driver" means a driver who usually travels in a town or village and who sleeps at home after completing his job "Driver at a short distance": a driver who generally travels between cities and countries but returns home to sleep after finishing work "Long-distance rider" means a driver who sleeps far from home because a long rest break is required at the workplace. Discover the truckers: Income - salary and reimbursement deductions Keeping of data Income - salary and reimbursement The employer will provide a tax return or statement of payments with all your wages, salaries and allowances for the year. Include in your income tax ...
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