Changes to car thresholds from 1 July
The car limit for the 2026 income year is $69,674.This is the highest value that a taxpayer can use to calculate depreciation on a car where they use the car for work or business purposes and they first use or lease the car in the 2026 income year.
Careful planning and timing are always important when taxation is concerned. To help inform clients, we have prepared this checklist which you may find helpful in planning your year-end tax strategies. This document is not exhaustive, and your individual circumstances must be considered.
'Wild' tax deduction attempts
The Australian Taxation Office (ATO) recently revealed some of the 'wild' work related expense tax claims people have tried to "put past" the ATO, including the following:
How to manage business day-to-day transactions
The ATO has the following tips for small business owners "that can make your tax life easier":
ATO's new focus for small business
The ATO is currently focusing on the following 'specific risk areas', where it is concerned "small businesses are getting it wrong":
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