There is a limit on depreciation claims for luxury cars. If you acquire a luxury car for business, tax deductible depreciation can be claimed on a maximum cost of $57,466.

Software developed or acquired for your business is known as in-house software.

If you purchase a computer system for use in your business, the software and contract services are often included in the total cost.

Do you have income earning investments as well as a high salary of business income?

Not enough cash to make a substantial contribution to your superannuation fund?

Double taxation of company dividends was eliminated through the dividend imputation system.

You can claim a deduction for accident and sickness insurance premiums when the policy provides you with an income benefit during a period of disablement.

Expenses of a self education course to keep up to date or to better enable you to discharge your duties or to obtain further qualifications if it will lead to an increase in earnings, are deductible.

Legal costs, stamp duty, mortgage preparation and valuation fees, broker's charges, etc are deductible if business related and should be pro rated over the period of the loan, up to a maximum of five years.

Deductibility of interest depends on the use to which the borrowed funds are put. Always reduce your home loan before reducing any business borrowings. You can use the equity in your home as collateral to borrow money for business purposes.

When subdividing a main residence property, sell your existing home and build a new main residence on the subdivided vacant lot.

If you travel away from home for more than five nights, you must keep a travel diary...

The benchmark interest rate for Division 7A loans has reduced from 6.2%

The Administrative Appeals Tribunal (the Tribunal) refused an appeal by a NSW train guard for a deduction of $3,700 against his 2010 tax for car expenses on the cents per kilometre basis...

Bert Lancaster is an enterprising young mining engineer who has just been offered a new job in New Zealand...

You can claim a deduction for fees paid to a tax agent for preparing and lodging your income tax return, costs in relation to a Tax Office audit or objecting against an assessment, applying for an extension of time or valuations required for tax purposes. Travelling costs to see your tax agent are also deductible.

You can claim a deduction for the cost of buying, renting replacing and maintaining clothing, uniforms and footwear if these items fall within the categories listed below...