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Can I claim a tax deduction for making a contribution into superannuation?

Prior to 1 July 2017 the rules around claiming a personal tax deduction for contributions made into superannuation were really just limited to self-employed folk running a sole trader or freelancing business.

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The most common mistakes businesses make on their tax returns

Whilst the actual preparation of a business tax return is almost always handled by the trusty accountant, that doesn't stop people from making big mistakes when it comes time to doing the tax return for their business. With that in mind, we'll go over our top four mistakes commonly made by businesses at tax time and we'll be focussing here on companies, but much of this will also apply to those of you trading a partnerships, sole traders or trusts.

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Can I claim a tax deduction for my work travel costs?

Many of us need to do some sort of travel for work or business and it's not always reimbursed by our employer or client, so what of these costs can we claim at tax time and which ones aren't allowed? We'll largely be talking about employees here, but many of the same principles apply to those in business.

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Can I claim a tax deduction for private health insurance or medical costs?

One item of household expenditure we'd all rather do away with is paying for private health insurance and medical costs, but we figure if we're paying for it we may as well get a tax benefit, right? Unfortunately, this isn't always the case. Let me explain.

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Can I claim a tax deduction for my car?

In this post we'll take a look at everything, well almost everything, that you need to know about claiming a tax deduction for your car. We're going to assume here the car is in your name and not that of a company, but many of the same principles will apply.

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End of financial year 2017

Get your calculators and green eyeshades ready because it's end of financial year time again! A time when business owners the country over frantically reach out to their accountants to ensure everything is in the best possible position before the 30 June cut-off date.

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Budget 2017

Last night was budget night which, admist all of the excitement, has left many commentators a little confused about which party actually wrote the policies. Politicking aside, we've put together some of the key items that we felt would be of interest to our readers.

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Our small business wishlist for the 2017 budget

It's budget time just around the corner and with only 10 days to go we thought we'd arm our politicians with a wishlist of requests for small-medium business owners. Shouldn't be a problem for them as SME's are the engine room of our economy, don't you know? (or was that last year ...)

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What is tax debt reporting?

Earlier this year, as part of the Federal Government’s Mid-Year Economic and Fiscal Outlook (MYEFO), there was an announcement that  from 1 July 2017 the ATO can give information regarding the tax debts of businesses who have not been forthcoming to Credit Reporting Bureaus (CRB).

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What is a travel diary?

You may have heard your accountant ask you for a travel diary in relation to your employee or business related expenses. The purpose of such a diary is to substantiate the business and private portions of a trip so that they know what you can claim as a tax deduction and what can't be claimed.

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