Chancellors Chartered Accountants

Unconventional Wisdom

An Occasional Blog from the Chancellery

New downsizing super cap - legislation drafted. If you are aged 65 or over, your home is your main residence for CGT purposes and you have owned it for a minimum of ten years, you could benefit from new draft legislation. read more >>
Work-related expense claims under scrutiny. Will you claim work-related expenses on your tax return this year? The ATO now uses real-time data to compare people’s tax returns with others in similar occupations and income brackets. read more >>
Employee travel expense deductions. The ATO has also released new guidance on work-related travel deductions. To claim for transport or other employee travel expenses (like accommodation and meals) in your tax return, you must have incurred the expenses as part of gaining or producing your taxable income. read more >>
Tax debts: setting up a payment plan. Does your small business have a tax debt? The ATO encourages you to get in touch to set up a payment plan. If the debt is $100,000 or less, you can use the ATO’s self-help service to easily arrange paying by installments. read more>>