If you bake a few cakes and sell them at a local market on a Saturday morning, or make quilts that you sell to friends, you might think it can’t possibly be taxable. Sadly, you’d probably be wrong.
Mark Chapman is director of tax communications at H&R Block, Australia’s largest firm of tax accountants, and is a regular contributor to Money. Mark is the author of Life and Taxes: A Look at Life Through Tax.
Subdividing your property can mean big profits but first you need to be aware of the tax consequences.
Edible underwear. Breast implants. Cigarettes. These are the baffling and bizarre deductions Aussies thought they could get away with at tax time.
It’s well known that the cost of getting your tax return prepared by an agent is tax deductible but many of us are forgetting to claim this related expense.
It’s not too late to maximise your small business cash flow with these tax tips.
Tax law is complex so whether you have already dipped your toe into the property game or are considering making a future investment, it pays to understand the basics.
Work-related tax deductions and claims by investment property owners are in the ATO’s sights this year.
With less than a week until budget night, Mark Chapman shares his analysis of what Scott Morrison has already announced, plus a few tips from the crystal ball.
The $20,000 tax write-off for small businesses will be slashed to $1000 on July 1.
If you’re a self-employed blogger, you can claim the cost of a laptop, part of your phone bill, and even hiring a photographer. But what about cosmetics?