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Those who work from home or use their own car for their job could face heavy scrutiny of work-related expenses over the next year in a new tax office crackdown, accountants warn.

Sit tight

Feb 13, 2008

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Gyrations on the sharemarket can spook even steely investors but the turbulence is particularly unsettling for those nearing retirement.

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Investors who tried to capitalise on the $1 million tax free window introduced last year may have lost over 16 per cent of their superannuation money due to the falling sharemarket.

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There's no need to cancel Christmas. The tax office has some rules, but there is still options to let your hair down.

Change in gear

Jun 13, 2007

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Borrowing to invest can make good financial sense for those with steady nerves.

comments-rhsLatest Comments

  • "Assuming the app calculates the profit currently then you can use that figure in the Business Income item of your individual tax return - ideally the ATO would like a gross up of the turnover/sales..."

    By: Mr Taxman at Oct 17, 2020 2:10AM

    Post: Foreign currency trading

  • "Good evening Mr Taxman, I just would like to ask about my forex currency trading(I use MT4 app) Each time I close a trade it shows me a loss or profit and it includes the costs. At the end of..."

    By: Aggi at Oct 06, 2020 11:19AM

    Post: Foreign currency trading

  • "I think the Tax Commissioner would unfortunately consider it to be a personal expense Anne - like the purchase of a house would be."

    By: Mr Taxman at Sep 19, 2020 12:35AM

    Post: Claiming car expenses

  • "You can claim the 68 cents per kilometre method but that effectively covers all running costs of your vehicle. If you wanted to claim a % of running costs you will need to keep a 12 week logbook. "

    By: Mr Taxman at Sep 19, 2020 12:32AM

    Post: Claiming car expenses

  • "Its ok to choose from November 2019 for the start of your logbook Liezl. You can essentially chose any 12 week period during the year so long as its representative of your travel throughout the..."

    By: Mr Taxman at Sep 19, 2020 12:29AM

    Post: Claiming car expenses