Camden Professionals

What the ATO Will Target This EOFY 2024-2025

As the 2025 End of Financial Year (EOFY) approaches, the Australian Taxation Office (ATO) is set to release its annual Tax Time hitlist, outlining key focus areas for audits and compliance checks. This list serves as a reminder for taxpayers to ensure accuracy and transparency in their lodgements, particularly as the ATO sharpens its attention on common areas of error and misreporting.

Whether you’re claiming work-related expenses, declaring income from investment properties or side hustles, or trading cryptocurrency, it’s essential to know where the ATO is directing its scrutiny this year.

Let’s take a look at the ATO’s main compliance targets for Tax Time 2025 and how you can stay on the right side of the law while maximising your refund.

Work-Related Expenses

Work-related deductions continue to be a major contributor to Australia’s $8.7 billion individual tax gap. This year, the ATO is placing significant emphasis on claims in this category to detect overstatements and unsupported deductions.

Key Focus Areas:

Working from Home Expenses:
The fixed rate method now stands at 70 cents per hour, covering utilities, phone, and internet. However, stricter record-keeping is required — including timesheets, diaries, or rosters showing hours worked from home.
Occupancy Costs:
You can’t claim rent or mortgage interest unless your home is a genuine place of business. Simply working from home as an employee doesn’t qualify.
Phone and Internet Expenses:
Watch out for double-dipping — where taxpayers claim both the fixed rate and phone/internet costs separately.
Other Hotspots Include:
- Clothing and laundry (must be occupation-specific or protective gear)
- Overtime meals
- Union fees and subscriptions
- Motor vehicle claims using the cents-per-kilometre method (limited to 5,000 kms)
- “No-receipt” claims under $300, which are often incorrectly claimed without incurring the expense

Tip: Before claiming anything, ask: Was the expense directly related to earning my income?

Investment Property & Holiday Home Claims

The ATO is ramping up audits on property-related deductions. With errors detected in over 90% of rental property returns recently reviewed, investors should take extra care this EOFY.

Common Mistakes Include:

Claiming personal interest expenses (like the family home mortgage) as rental deductions
Incorrect apportionment of income and deductions between co-owners
Deductions for holiday homes during periods of private use or when not genuinely available for rent
Capital works vs. repairs: Renovations after purchase or fixing existing damage must be claimed over time — not immediately

Tip: Maintain meticulous records — invoices, receipts, bank statements, and proof that the property was genuinely available for rent (e.g. online listings).

Sharing Economy Income

Income from platforms like Uber, Airtasker, Airbnb, and Stayz is a growing ATO target. Many individuals either under-report or omit this income entirely.

What the ATO is Watching:

Mismatch in reported income from platforms vs. tax return data
Undeclared rental income from Airbnb or similar services
Failure to claim GST registration if annual turnover exceeds $75,000 (for services like Uber)

Tip: If you’ve earned income through the sharing economy, declare it — even if it was just a side hustle. The ATO receives third-party data from these platforms and can easily identify discrepancies.

Cryptocurrency Trading and Investments

Crypto continues to rise in popularity, with estimates suggesting 500,000 to 1 million Australians are active investors. The ATO is now working with Digital Service Providers (DSPs) to obtain bulk trading data.

What You Need to Know:

Capital gains tax (CGT) applies when you sell, trade, or gift crypto
If you’re frequently trading, the ATO may classify your activity as a business, meaning your profits are treated as business income
Losses must be reported, but also substantiated

Tip: Keep records of every transaction, including date, amount, purpose, and exchange rates. Crypto is no longer off the radar — full disclosure is essential.

Conclusion: Stay Smart, Stay Compliant This Tax Time

With the ATO stepping up audits and data matching, now is the time to get your tax affairs in order. While it’s tempting to stretch deductions or overlook side income, doing so risks audits, penalties, and repayments.

EOFY 2024 – 2025 FAQs

Q1: Can I still use the shortcut 80 cents/hour method for working from home?

No. The 80 cents per hour shortcut was discontinued in 2022. For 2025, the ATO only accepts the revised fixed rate method of 70 cents/hour with strict recordkeeping or the actual cost method.

Q2: I didn’t earn much from Airbnb this year — do I still need to declare it?

Yes. Any income earned from renting out property, even just a room, must be declared, regardless of the amount.

Q3: Do I have to pay tax on cryptocurrency if I haven’t sold it?

No. Tax applies to realised gains, so if you haven’t sold or swapped your crypto, no CGT event has occurred. However, once you sell, swap, or use it to purchase goods, you must report the transaction.

Q4: What records should I keep for my rental property?

You should retain receipts, invoices, loan statements, agent fees, repair bills, and evidence of rental advertising. These records must be kept for at least five years after lodging your return.

Q5: Can I claim phone and internet if I work from home?

Yes, but only a proportion based on actual work use. If using the fixed rate method, those costs are already included — avoid claiming them again separately.

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General Advice Warning

The material on this page and on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this page and on this website is General Advice and does not take into account any person’s particular investment objectives, financial situation and particular needs.

Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this page and on this website are for illustrative purposes only.

Although every effort has been made to verify the accuracy of the information contained on this page and on this website, Camden Professionals, its officers, representatives, employees, and agents disclaim all liability [except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.

Camden Professionals

Smart Ways to Boost Your Super Before EOFY

With the end of the financial year just around the corner, now’s the time to give your superannuation a healthy boost. Whether you’re looking to reduce your tax bill, take advantage of government incentives, or simply build your retirement savings, these five savvy strategies can help you make the most of your super before EOFY, 30 June 2025.

Top Up with Concessional (Pre-Tax) Contributions

Concessional contributions—such as salary sacrifice or personal deductible contributions—are taxed at just 15%, which is usually lower than your marginal tax rate. You can contribute up to $30,000 per year (inclusive of your employer’s 11.5% Super Guarantee). This strategy can help reduce your taxable income and grow your retirement savings.

Catch Up on Unused Contribution Caps

Haven’t used your full concessional cap in the last few years? Good news: if your total super balance is under $500,000 at 30 June 2024, you can carry forward unused cap amounts from the past five years and make a lump sum contribution this year. It’s a great way to catch up if you had lower contributions in previous years.

Make the Most of Non-Concessional (After-Tax) Contributions

These contributions don’t attract tax on the way in, but they can significantly grow your retirement savings over time. You can contribute up to $120,000 annually, or even $360,000 over three years using the bring-forward rule (if eligible). If you’re a low- to middle-income earner, you may also be eligible for a government co-contribution of up to $500 when you make a personal after-tax contribution.

Boost Your Partner’s Super and Get a Tax Offset

If your spouse earns under $37,000 (or less than $40,000 with a reduced offset), you could be eligible for a tax offset of up to $540 by making a spouse contribution. It’s a great way to support your partner’s retirement savings while reducing your own tax.

Split Contributions with Your Spouse

Want to balance out super between you and your partner? You may be able to split up to 85% of your concessional contributions with your spouse. This can help manage future tax liabilities, especially if one partner earns significantly less or is planning to take a career break.

Taking action before 30 June can make a real difference—not just to your tax return, but to your future financial security. Whether you’re building your own super, supporting your partner’s, or leveraging contribution caps, these strategies can help you maximise your savings and minimise tax.

Need help choosing the right strategy? Speak with your financial adviser or tax professional to make sure your contributions align with your goals and the latest super rules.

Start now — your future self will thank you.

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EOFY 2025 Tax Tips for Individuals

Whether you’re an employee, investor, or retiree, smart tax strategies can help you reduce your taxable income, boost your refund, and avoid unexpected tax bills. This EOFY 2025 guide for individuals covers all your important tax deductions.

This guide outlines the most effective and commonly overlooked EOFY strategies for individuals, including deductions, superannuation strategies, and capital gains considerations—helping you prepare with confidence ahead of 30 June 2025.

Bring Forward Investment Deductions

Prepay up to 12 months’ worth of interest on investment loans (e.g. for property or shares) to claim a deduction in the 2024–25 tax year.

Claim Work-from-Home Expenses

The ATO’s revised fixed rate method allows you to claim 70 cents per hour for eligible home office costs. Ensure you keep:

A record of total hours worked from home
Receipts for internet, electricity, and other relevant bills

Motor Vehicle Claims

Maximise your motor vehicle deductions by keeping a valid logbook for 12 continuous weeks.

Without a logbook: Max claim is 5,000 km at $0.88/km = $4,250
With a logbook: Claim based on business-use percentage

Charitable Donations

Donate to a registered Deductible Gift Recipient (DGR) before 30 June. Keep official receipts to claim a tax deduction.

Income Protection Insurance

Premiums for personally held income protection policies are tax-deductible. Consider paying annually before EOFY to maximise deductions.

Concessional Super Contributions

Make contributions up to the $30,000 cap to claim a personal tax deduction (remember that you need to deduct any employer contributions and salary sacrifice contributions already made). You must also:

Be under 67 (or meet the work test if older)
Submit a valid notice of intent to your super fund

Tip: You may also use “catch-up” contributions if your super balance was under $500,000 on 30 June 2024.

Non-Concessional Contributions

Boost your retirement savings with after-tax contributions (not tax deductible) up to:

$120,000 per year, or
$360,000 using the 3-year bring-forward rule (if under 75)

Government Co-Contributions

Income Range (2024–25)	Maximum Co-Contribution
$45,400 or less	$500
$45,400 – $60,400 (phased out)	Partial amount

To qualify, you must:

Earn at least 10% of income from employment or business
Make a personal after-tax contribution of up to $1,000

Division 293 Tax

If your income + concessional super contributions exceed $250,000, an additional 15% tax applies to those contributions.

Capital Gains Tax (CGT) Management

Offset capital gains by realising losses before 30 June. If you’ve held an asset for over 12 months, the 50% CGT discount may apply.

Medicare Levy Surcharge

Income Tier	Singles Threshold	Families Threshold*	Surcharge Rate
Tier 1	$97,000	$194,000	1.0%
Tier 2	$113,000	$226,000	1.25%
Tier 3	$151,000+	$302,000+	1.5%

*Add $1,500 per dependent child after the first.

Avoid the surcharge by holding eligible private hospital cover.

FAQs – EOFY 2025 for Individuals

1: Can I still claim deductions if I haven’t paid an expense yet?

Yes, if you’re on an accrual basis and the service was provided before 30 June, the expense may be deductible, even if paid after EOFY.

2: What happens if I exceed my concessional contributions cap?

Excess amounts are taxed at your marginal rate (less a 15% offset), plus you may incur an excess concessional contributions charge.

3: Is crypto subject to capital gains tax?

Yes. Selling, exchanging, or using cryptocurrency may trigger a CGT event. Keep accurate records of all transactions.

4: How do I claim working-from-home deductions under the revised method?

You must maintain a diary or electronic record of your hours worked from home and evidence of household running costs.

5: Are personal super contributions worth it?

Absolutely. You may receive a tax deduction, reduce taxable income, and benefit from long-term compound growth.

Conclusion

EOFY tax planning doesn’t have to be overwhelming. By taking action before 30 June 2025, individuals can take advantage of deductions, superannuation strategies, and tax offsets that may significantly reduce tax liabilities or boost refunds. As with all financial decisions, personalised advice from your accountant or tax adviser can ensure you make the most of the opportunities available to you.

For peace of mind and potential savings, start planning now—EOFY is closer than you think.

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Why Tax Planning is important for your business.

For many business owners, the focus naturally leans toward boosting profits. While that’s crucial, managing your tax liability is just as important—because every dollar you pay in tax directly affects your cash flow. The challenge? Australia’s tax laws are increasingly complex, and navigating them often requires expert advice.

Tax planning shouldn’t be an afterthought or a once-a-year checklist item. It should be a proactive, ongoing process that takes into account legislative changes, your business structure and financial goals, and the broader strategy driving your growth.

So, what does best-practice tax planning look like? And how can small to medium enterprise (SME) owners work closely with advisers to build effective, forward-looking strategies that go beyond compliance?

The Benefits of Proactive Tax Planning

Staying Ahead of Legislative Changes

Australian tax law evolves rapidly. In recent years, we’ve seen everything from revised trust legislation to tighter regulations on deductions and digital reporting. Proactive tax planning helps you stay compliant and adapt early—before changes impact your bottom line.

Key takeaway: Regular reviews of your structure and tax position keep you ahead of the curve and in control.

Cash Flow Management

Effective tax planning provides accurate forecasting of liabilities, so you’re not left scrambling. It allows you to prepare for payments (like PAYG instalments or GST) and keeps your cash flow healthy—helping reduce stress and enabling better decision-making.

Tip: Cloud platforms like Xero simplify much of this process. If you’re not using one, it’s worth exploring.

Unlocking Growth Opportunities

Tax planning isn’t just defensive—it’s strategic. By identifying and accessing available concessions, timing purchases, or leveraging R&D incentives, you can free up capital and reinvest in scaling your business.

Succession Planning, Exits & Asset Protection

If selling, retiring, or passing on your business is part of the plan, early tax planning is critical. It allows you to access capital gains concessions, reduce liabilities, and ensure assets are protected.

Takeaway: Your exit strategy should include a comprehensive tax strategy—don’t leave it too late.

Sustainability & ESG Alignment

With ESG reporting growing in prominence, tax intersects with sustainability via carbon taxes, green investment incentives, and aligned grants. By integrating ESG with tax planning, you’re not just compliant—you’re building a future-focused brand.

What Happens in a Tax Planning Session?

You’ve got the “why”—now here’s the “what”:

Review of Year-to-Date Financials

Profit & loss statements
Comparison with previous years and budget
Analysis of spikes, one-offs, and timing issues

Estimate Tax Payable

Forecasting income
Estimating tax across all entities (company, trust, personal)
Including PAYG instalments already paid

Implement Tax Minimisation Strategies

Prepay expenses (subscriptions, rent, etc.)
Accelerate deductions (equipment, training)
Delay income if viable
Write off bad debts or obsolete stock

Super Contributions

Maximise contributions before 30 June
Discuss carry-forward unused caps
Consider paying bonuses into super

Trust Distribution Resolutions

Plan beneficiary distributions
Prepare trust minutes by 30 June
Consider streaming capital gains or franked dividends

Division 7A Loan Management

Review director/shareholder loans
Ensure agreements are in place
Make repayments or declare dividends if needed

Asset Purchases & Depreciation

Leverage instant asset write-off thresholds
Time equipment purchases strategically
Review depreciation methods

Utilise Tax Losses & Offsets

Apply carry-forward losses where possible
Plan around offsets or R&D incentives

Structure & Risk Review

Assess if your entity structure still suits your business
Evaluate asset protection and succession needs

General Business Strategy

Discuss goals, growth plans, staffing
Review pricing, margins, and operational improvements
Explore tech upgrades or AI tools

Conclusion

Tax planning is more than compliance—it’s a vital strategy for growth, cash flow, risk management, and long-term success. With laws constantly shifting and opportunities often hidden in the fine print, proactive planning puts you in control. Whether you’re scaling up, exiting, or simply aiming for more efficiency, now is the time to treat tax planning as an essential part of your business strategy—not a once-a-year obligation.

FAQs

When should I start tax planning?

Ideally, tax planning should be a year-round process, with a focused session in the final quarter of the financial year. Regular reviews throughout the year can help adapt to changes early.

Can tax planning really improve cash flow?

Absolutely. By forecasting tax liabilities and taking advantage of timing strategies, you can better manage outflows and reduce unexpected financial pressure.

What’s the difference between tax planning and tax compliance?

Tax compliance is about meeting your obligations (e.g., lodging returns on time). Tax planning is about proactively managing your affairs to legally reduce your tax bill and optimise outcomes.

Do I need an accountant for tax planning?

Yes. A qualified tax adviser or accountant ensures you stay compliant while taking advantage of deductions, offsets, and structures tailored to your specific business.

Is tax planning only for big businesses?

Not at all. Small and medium enterprises often benefit the most from tax planning, especially when cash flow and growth opportunities are critical.

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What are the tax implications of the upcoming federal election.

As the 2025 financial year draws to a close, tax planning has become increasingly complex due to the timing of the upcoming Federal Election. The election’s outcome will significantly influence whether proposed legislative measures move forward or remain on the shelf, creating a period of uncertainty for individuals and businesses alike. What are the tax implications of the upcoming federal election.

While many proposed changes remain in limbo, there are still several confirmed updates and key areas that demand your attention now. To help you navigate this period of transition and prepare for the year-end, we’ve broken down the tax measures that are already in place, those that are still under review, and the actions you should consider taking now.

Confirmed Tax Measures

Instant Asset Write-Off Extended
The instant asset write-off has been extended to 30 June 2025 for eligible small businesses (turnover < $10 million). Assets costing less than $20,000 can be immediately deducted in the year they’re first used or installed, including both new and second-hand items.

Action: Plan major asset purchases before 30 June to maximise deductions and improve cash flow.

Interest Charges No Longer Deductible
From 1 July 2025, General Interest Charges (GIC) and Shortfall Interest Charges (SIC) imposed by the ATO will no longer be tax-deductible. With GIC rates currently at 11.17% p.a., overdue tax debts are set to become more costly.

Action: Address outstanding ATO debts now and consider setting up a payment plan to avoid these non-deductible charges.

Personal Income Tax Cuts
Parliament passed individual tax rate reductions set to commence from 1 July 2026 and 1 July 2027. The rate for income between $18,201 and $45,000 will reduce to 15%, then 14% respectively.

Action: No immediate action is needed, but keep an eye on changes if the Coalition introduces earlier relief through alternative policies like a fuel excise cut.

Proposed (Unpassed) Tax Measures

Superannuation Tax on Balances Over $3 Million
Division 296 proposes an additional 15% tax on earnings attributable to the portion of super balances exceeding $3 million, starting 1 July 2025. This includes unrealised capital gains.

Action: Hold off on additional contributions or withdrawals if your super balance is near or above $3 million until post-election clarity.

Payday Superannuation
Draft legislation would require employers to pay Super Guarantee contributions within 7 days of wage payments from 1 July 2026, replacing the current quarterly schedule.

Action: Evaluate your payroll systems and cash flow strategies to prepare for more frequent super payments. Also, plan for the SG rate increase to 12% from 1 July 2025.

Alternative Tax Cuts and Fuel Excise Relief
While the current government plans to cut personal tax rates from 2026, the Coalition has proposed halving the fuel excise for a year instead, to provide more immediate cost-of-living relief.

Action: Monitor policy developments closely—fuel-based businesses, in particular, may see operational cost changes if excise relief is implemented.

Trusts and UPEs under the Microscope
The ATO is intensifying its audit activity around trusts, particularly distribution resolutions and Division 7A issues. The Bendel case has created legal ambiguity over Unpaid Present Entitlements (UPEs), which the ATO is contesting in the High Court.

Action: Defer decisions on 30 June 2025 trust distributions until more legal clarity is available. Consider working closely with advisors to ensure compliance and flexibility amid ATO scrutiny.

What’s Next?

To support your planning efforts, we’ll be releasing a detailed year-end tax guide and checklist shortly after the Federal Election results are in. This will include updated insights based on the election outcome and any legislative developments.

Conclusion

Tax planning for the end of FY2025 is unfolding in a uniquely fluid environment. With confirmed measures to act on now and several significant proposals awaiting political clarity, it’s essential to stay proactive and flexible. Whether you’re a business owner managing super obligations or an individual navigating potential changes to your personal tax or superannuation, informed planning today can help safeguard your financial future tomorrow.

Stay tuned for our comprehensive year-end guide and, in the meantime, connect with your tax advisor to position yourself—and your business—for success no matter what the election brings.

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Camden Professionals

Last minute tips to cut your tax bill this financial year

As the end of the financial year approaches, Australians are looking for effective strategies to cut their tax bills. With the deadline looming on June 30th, it’s essential to act swiftly and strategically. Here are some last-minute tips to help you save on your tax bill and make the most of the deductions and offsets available.

For example, did you know doing one single thing now will snare you $540 tax back after July 1? That’s a tax rebate, so it is lopped straight off the top of your bill. This, plus a couple of other easy techniques will secure you large deductions.

Let’s start with that $540 tax rebate.

Probably the most effective way to cut your tax at the 11th hour is to make a contribution to a spouse’s super. One spouse needs to contribute $3000 and to be eligible for the full rebate, the receiving spouse needs to earn below $37,000. But some is paid on incomes up to $40,000. Here, the lower-earning spouse doesn’t need to be actually earning, so the truly beautiful thing about this is that it’s a whole-of-family way to stop carer breaks hurting someone’s retirement.

As the women’s budget statement reiterated: “The superannuation gap … currently sees women retire with around 25 per cent less super than men.” (From July 2025, super contributions being made on top of government paid parental leave – which is also going up to 26 weeks – will be a small step to fix this.)

Getting back to the spouse contribution solution, you need to pay the $3000 after tax as a non-concessional contribution. Just contact your superannuation fund for how.

Super savings

While not a tax hack, it’s an opportunity that disappears on July 1, if you yourself make a $1000 after-tax contribution to super, you could receive that free $500 into your fund. Called the co-contribution, you do have to be earning in some capacity to be eligible for this one. You qualify for the full amount this tax year if your income is less than $43,445 and some up to $58,445 (next financial year, the respective thresholds are $45,400 and $60,400). You should aim to take up these big super perks each year and every year – doing so would put you closer to a comfy retirement.

Income protection insurance

If you don’t have this, you need it. Forget your house; your income is your most valuable asset. What would you do if sickness or injury meant you weren’t able to earn it? Getting a year ahead (or even more if you can afford it) on your premiums also neatly brings down for this expensive year, your assessable income by that same amount – so getting your safety sorted today carries double the benefit.

Prepay Deductible Expenses

If you can afford to, consider prepaying some of your deductible expenses before June 30th. This could include professional subscriptions, insurance premiums, or even interest on investment loans. By bringing forward these expenses, you can claim the deductions in this financial year, reducing your taxable income.

Utilise Instant Asset Write-Offs

Businesses can take advantage of the instant asset write-off scheme. If your business has a turnover of less than $5 billion, you can immediately deduct the business portion of the cost of eligible depreciating assets. This can provide a significant tax benefit by reducing your taxable income. Ensure the asset is installed and ready for use by June 30th to claim the deduction.

Defer Income

If possible, consider deferring income to the next financial year. This strategy can be particularly useful for self-employed individuals or small business owners. For example, you could delay invoicing clients until after June 30th to defer the income and the associated tax liability.

Take Advantage of Tax Offsets

Several tax offsets are available to reduce your tax bill, such as the low and middle-income tax offset (LMITO). Ensure you are aware of any offsets you may be entitled to and claim them accordingly.

Organize Your Records

Accurate and organized records are crucial for maximizing your deductions and minimising your tax bill. Ensure you have all necessary documentation for your income and expenses, including receipts, invoices, and bank statements. Good record-keeping will make your tax return preparation smoother and help you avoid missing out on potential deductions.

Consider Professional Advice

Engaging a tax professional can provide tailored advice and help you identify all possible deductions and offsets. They can also ensure your tax return is accurate and compliant with ATO regulations, reducing the risk of audits and penalties.

Review and Adjust Withholdings

If you’ve had significant changes in your financial situation, review your tax withholdings. Adjusting your withholding rate can help you avoid a large tax bill at the end of the year. Use the ATO’s online withholding calculator to ensure you’re withholding the correct amount.

Conclusion

Taking proactive steps before the end of the financial year can make a significant difference in your tax bill. By maximizing super contributions, prepaying expenses, utilising asset write-offs, making charitable donations, and organizing your records, you can ensure you’re taking full advantage of available deductions and offsets.

Act now to implement these strategies and save on your tax bill as the financial year draws to a close.

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Immediate Tax Deductions for Property Investors

Immediate deductions are available for property investors

Depreciation is the natural wear and tear of property and assets over time. It’s normally thought of as a high-value, slow-burn deduction as it takes up to forty years for an entire property to depreciate. But there is an immediate deduction available for depreciable assets. Savvy investors just like you can start claiming it now and increase cash by thousands in a year.

What is the immediate deduction?

Plant and equipment assets are those that are easily removable or mechanical in nature. For investment properties, they often come in the forms of furniture, kitchen appliances, hot water systems, blinds and light fittings. When a plant and equipment asset costs $300 or less it may be eligible for the immediate deduction. This means you can instantly claim the cost in the year of purchase. There’s no limit to the amount of immediate deductions you can claim in a year, so total deductions can easily reach the thousands.

Rules

Not all plant and equipment assets are eligible for the immediate deduction. When preparing your tax depreciation schedule, a specialist quantity surveyor will analyse the asset against the relevant rules. They will consider the cost, use of the asset, whether it’s substantially identical to other assets and if it’s part of a set. You can read more about the relevant rules here.

What happens if the asset costs up to $300 but doesn’t meet the rules?

When an asset doesn’t meet the relevant rules, you can still take advantage of accelerated depreciation deductions through low-value pooling. Low-value pooling allows you to claim 18.75 per cent of the asset’s value as a depreciation deduction in the first year, and 37.5 per cent for each following year. This incentive is available to plant and equipment assets that are valued, or cost less than, $1,000. You can take advantage of every available depreciation deduction and incentive by obtaining a tax depreciation schedule. Only a specialist quantity surveyor can prepare the most accurate and compliant tax depreciation schedule that lasts the lifetime of the property.

Bradley Beer (B. Con. Mgt, AAIQS, MRICS, AVAA) is the Chief Executive Officer of BMT Tax Depreciation. Please contact 1300 728 726 or visit bmtqs.com.au for Australia-wide service.

Source: BMT Tax Depreciation has prepared over 700,000 tax depreciation schedules over the past twenty years. The expert team can provide obligation-free depreciation estimates for all types of investment properties, so you know how much you can expect to claim before making the purchase. To learn more about BMT and the services they offer, Request a Quote or call the team on 1300 728 726.

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Income Tax Planning – EOFY 2021

Time to Plan your Income Tax Returns for EOFY – June 30, 2021

As we move toward the end of the financial year, now is a great time to review tax planning opportunities and consider where you might stand to benefit.

Tax Planning for Individuals

We have produced a comprehensive Tax Planning Guide for Individuals to assist you prepare for the EOFY. You can download a copy of the guide here:

In addition to the guide, we have also produced a series of Occupation Guides, which sets out deductions that you may be able to claim depending on your occupation. There are 35 occupation guides which you can access here:

ATO Guidelines – Working from Home 2020-2021

The ATO also warned that employees generally can’t claim rent, mortgage interest, property insurance, or other land taxes and rates. The Tax Office said that working from home does not make a taxpayer’s home a place of business for tax purposes.

The ATO warns that claiming occupancy expenses could expose some taxpayers to capital gains tax implications when they leave/sell their homes. The temporary shortcut method, which in January 2021 was extended to 30 June this year, allows taxpayers to claim a fixed rate of 80 cents an hour for all running expenses incurred as a result of working from home, as opposed to calculating costs for specific expenses.

The method’s introduction did, however, spell the end of a measure which required taxpayers to have a dedicated work-from-home area, factoring in multi-person households, where each working taxpayer would now be able to claim.

The method covers a range of running expenses including electricity for lighting, cooling, heating, and the running of other electronic items; phone and internet costs; and the depreciation of various items spanning computers, laptops, home office furniture, and other household fixtures that see wear as a result of a taxpayer’s working arrangements.

However, the shortcut is all-inclusive, and can’t be supplemented by additional, individual expense claims on items like phone and internet costs and other depreciation claims on items like furniture and laptops. Keeping track of each individual expense and calculating the work-related use of each one can be fiddly, so be organised.

The ATO’s reminder follows a separate call from Moore Australia earlier this week for taxpayers to keep a diligent log of the hours they work from home this year as tax time looms. “To claim home office deductions using the shortcut method, individuals need to keep a record of actual hours worked at home,” said David Tomasi, chairman of Moore Australia. “The shortcut method is not compulsory, and individuals can still claim based on actual expenses incurred.

“However, they would then have to comply with the necessary, and more complex, record-keeping requirements.” Tax agents and self-lodgers interested in using the method will need to include a note that reads “COVID-hour rate” in their tax returns, Moore Australia warned.

We encourage all our clients and readers of The Insider, to prepare your receipts and expense documentation as soon as you can and call our office to book in for your tax return discussion and preparation.

General Advice Warning

Camden Professionals

EOFY Business Tax Planning

EOFY – Time to Plan your Business Tax Affairs

While planning of any kind has been challenging over the past 12 months, tax time remains a certainty for all businesses and individuals who are working from despite the easing of Covid-19 restrictions.

Tax planning should be a key element of your business and Individual tax affairs.

Over the past year, many businesses have had to review the way they operate. For many, this has resulted in better, more profitable and streamlined businesses overall. If you aren’t already taking advantage of tax planning, this is another key strategy that can help you make the most of the ATO’s provisions to mitigate tax impacts while making the most of other business opportunities.

Falling behind in your tax obligations is one of the major causes of failure for Australian businesses. In an increasingly complex tax environment, keeping up to date with taxation regulations is an absolute must for businesses of any size or industry. Our team of accountants will work with you, share their knowledge and expertise to help provide transparency when it comes to all things tax.

The time to act is now, as some strategies take time to implement, and your options will be limited once the calendar ticks over to 30 June. Your commitments will be set, and you’ll have little choice but to pay whatever tax is necessary to meet your obligations.

COVID -19 Tax Benefits | Businesses

Among this year’s considerations is the Government’s enhanced depreciation measures. The instant asset write-off has been extended to 30 June 2022, with significantly increased thresholds and widened eligibility. The threshold amount for each asset is now $150,000 (up from $30,000) for eligible assets and applies to businesses with an aggregated turnover of less than $500 million (up from $50 million).

If your business has been making use of small business pool deductions, you could also stand to benefit from the new measures, even if you haven’t purchased new assets. The small business pool deduction rule is a smart strategy that allows business owners to depreciate the value of their assets at an accelerated rate. Under the new provisions, eligible businesses can now deduct the entire balance of the small business pool from 6 October 2020 to 30 June 2022.

Being aware of these rules and provisions, may mean that you can take advantage of other opportunities, such as bringing forward capital purchases that will increase production or create greater efficiencies.

Additional Tips for your 2021 Tax Plan

Write off bad debts before 30 June to claim as tax deductions,
Document any accrued staff entitlements (deductible when incurred rather than when paid),
Pay super before the end of the financial year to ensure it is deductible,
Top up personal voluntary super contributions (deductible up to $25,000 per year),
Consider deferring recognition of accrued income to the next financial year,
Pre-pay some expenses and claim a deduction in this year (up to 12 months of the coming year for businesses with group turnover under $10 million),
Declare dividends and reconcile shareholder or director loans,
Make trustee income distribution resolutions by 30 June (earlier if required by trust deed), and
Review your compliance and reporting obligations including:
Motor vehicle logbooks,
Single Touch Payroll including annual finalisation and reconciliations,
Taxable Payments Annual Report (TPAR), and
JobKeeper reporting obligations.

An effective tax plan should also involve a review of your business structure to ensure you’re achieving the best possible tax outcomes. This should consider factors such as tax efficiency, governance, asset protection, flexibility for change and ease of administration. If you feel your business could be leveraging a more appropriate business structure, we can advise on a restructure that maximises the benefits available to you. This may include the current small business CGT concessions.

We have prepared a Tax Planning Guide for Businesses. You can download your copy here:

We encourage all our clients and readers of The Pulse, to prepare your receipts and expense documentation as soon as you can and call our office to book in for your tax return discussion and preparation.

General Advice Warning

Although every effort has been made to verify the accuracy of the information contained on this page and on this website, Camden Professionals,, its officers, representatives, employees, and agents disclaim all liability [except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.

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Income Tax Planning – EOFY 2021

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Tax Planning for Individuals

ATO Guidelines – Working from Home 2020-2021

We encourage all our clients and readers of The Insider, to prepare your receipts and expense documentation as soon as you can and call our office to book in for your tax return discussion and preparation.

EOFY Business Tax Planning

EOFY – Time to Plan your Business Tax Affairs

Tax planning should be a key element of your business and Individual tax affairs.

COVID -19 Tax Benefits | Businesses

Additional Tips for your 2021 Tax Plan

We encourage all our clients and readers of The Pulse, to prepare your receipts and expense documentation as soon as you can and call our office to book in for your tax return discussion and preparation.