Work From Home Expenses Under Scrutiny
If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed. The ATO has stated that it is looking very closely at work related deductions that are being claimed.
Am I Taxed on an Insurance Payout?
Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for tax purposes – but this is not always the case.
Insurance payouts for damaged or destroyed personal items are generally not taxed. For example, any insurance payout you receive for your family home won’t necessarily be taxed. But, the rules are different if you have used your home to produce an income, for example, you have used part of your home as a home business or you have rented out part of your home.
Changes on 1 July 2021
- Super Guarantee rate increase to 10%
- New stapled superannuation employer obligations for new staff
- Indexation increase contribution caps and the transfer balance cap
- Concessional and non-concessional contribution caps
- Transfer balance cap- why you will have a personal cap
- Minimum superannuation drawdown rates
- Single touch payroll reporting
Click Here to download our full Your Knowledge newsletter and find out more about claiming expenses when working from home during lockdown, tax on insurance payout and changes coming 1 July 2021.
