Tax Deduction Archive

Small BusinessTax

ATO Interest Charges Are No Longer Deductible – What You Can Do

Leaving ATO debts unpaid is now more costly, as general and shortfall interest charges are no longer deductible from 1 July 2025. This article explains what’s changed, who’s affected, and how refinancing could reduce the impact.

Property

The controversial case of the taxpayer who claimed a loss on their home

Explore the intriguing case where a taxpayer claimed a loss on a home sale as a tax deduction, challenging standard property tax norms and the ATO's view.

Small BusinessTax

The 120% deduction for skills training and technology costs

It’s a great headline isn’t it? Spend $100 and get a $120 tax deduction. Days after the Federal Budget announcement that businesses will be able to claim a 120% deduction for expenditure on training and technology costs, we started receiving marketing emails encouraging us to spend now to access the deduction.

Tax

Last Chance To Apply As COVID-19 Tax Deduction Deadlines Approach

Tax deductions introduced by the Australian Taxation Office to lessen the impact of COVID-19 are approaching the end of their eligible timeframe.  To ensure that you or your business do not miss out, here are some of the deductions you could claim at the end of this financial year (if eligible).

Tax

How Much Can I Claim on My Motor Vehicle?

If you're using your personal car for work purposes, you may eligible to claim the expenses associated to this. Find out about the rules and claiming methods available.

Tax

Did someone say there are tax cuts coming?!?

1 July 2018 is the start date for the seven year income tax plan announced in the recent 2018-19 Federal Budget. But who gets the tax cuts from 1 July?

TaxThe Great Australian Nightmare Series

THE GREAT AUSTRALIAN NIGHTMARE – Part 2

In Part 1 of the Great Australian Nightmare I alluded that those people growing a small business and creating at least $200,000 in family profit should NOT pay off their private home mortgage and instead invest the money into other growth assets. By doing this you can save upwards of 20% per annum via the correct tax structure.

Tax

TAX DEDUCTIONS IN DANGER

A recent Parliamentary Inquiry into Tax Deductions created some fairly sensational headlines about what and how deductions are being claimed - $22 billion worth to be exact. 

Property

Main Residence Exemption – The Burden of Truth

I would expect that the majority of property owners and investors have heard something about the “six year main residence exemption for Capital Gains Tax purposes”. If not, here is a brief rundown:

Strategic Financial AdviceTax

Have you made a capital gain this financial year?

If you find yourself with a capital gain this year because you sold an investment property or some shares, it is time to take stock of your other investments and determine if now might be the right time to realise a capital loss.

Tax

Are you paying more tax than you need to?

What can you do to reduce your tax and the tax paid by your business? The answer is quite a bit but it takes planning pre 30 June. Here are our top tips ...

Tax

Tax Planning for 2016/17 Financial Year

April is a vital month for tax and superannuation planning. With 9 months of the financial year locked away significant trends or changes from the previous financial year will be well established.

Why you landed here

Phillip Anthony Partners joins Paris Financial East Melbourne

We are pleased to share that the team at Phillip Anthony Partners have merged with Paris Financial. Our team at Paris Financial can provide you with a large range of quality financial services with over 65 people located across two convenient locations in Blackburn and East Melbourne.

Paris Financial shares the same philosophy as Phillip Anthony Partners of providing a value focused and high quality service for each of our clients. We look forward to assisting with your accounting needs.