The Top 4 Christmas Tax Questions Answered

by C&N Accountants | Dec 5, 2024 | Tax & Accounting, Tax Deductions

As the festive season approaches, many businesses are busy planning celebrations, gifts, and year-end gestures of appreciation. But with the holiday cheer comes the question of how these expenses impact your taxes. To help you navigate the season, we’ve answered...

A Taxpayer’s Unconventional Home Loss Claim

by C&N Accountants | Dec 7, 2023 | ATO, Capital Gains Tax, Property Investment, Tax Deductions

There has been a recent controversy in the tax field due to a remarkable case in which a taxpayer, defying the odds, obtained a deduction for a significant loss from the sale of her home. In this blog, we will investigate the specifics of this surprising development...

Understanding the Lump Sum Payment in Arrears Tax Offset

by C&N Accountants | Nov 1, 2023 | ATO, Tax & Accounting, Tax Deductions, Tax Planning, Tax Refunds, Tax Tips

Are you wondering about the Lump Sum Payment in Arrears tax offset (LSPIA)? Let’s break it down in a way that’s easy to understand. What is a Lump Sum Payment In Arrears Tax Offset? If you receive a significant lump sum payment tied to a previous...

Exploring Self-Education Expenses: What’s Eligible and What’s Not

by C&N Accountants | Oct 11, 2023 | ATO, Income Tax, Tax Deductions, Tax Planning, Tax Refunds

The Australian Taxation Office (ATO) recently rolled out a fresh draft ruling concerning self-education expenses. Let’s dive into the intricacies of what you can or cannot claim when it comes to your educational pursuits. 1. Claiming Work-Related Study Expenses...

Why is my tax refund smaller than expected?

by C&N Accountants | Sep 4, 2023 | ATO, EOFY, Tax Deductions, Tax Planning, Tax Refunds

Many Australians are wondering why their tax refunds have significantly decreased. In this article, we explore the reasons behind this phenomenon. The Psychology of Tax Refunds Tax refunds hold a special place in the hearts of Australians. Our nation heavily relies on...

What will the ATO be Asking about your Holiday Home?

by C&N Accountants | Mar 24, 2023 | ATO, Holiday Homes, Property Investment, Property Investment Tips, Tax & Accounting, Tax Deductions

Taxpayers claiming deductions on holiday homes are in the ATO’s sights. The ATO is more than a little concerned that people with holiday homes are claiming more deductions than they should and have published the starting questions they will be asking to scrutinise...