Tag Archives: deductions

Deductions related to holding vacant land

Deductions for losses and outgoings that relate to holding vacant land on which there is not substantial and permanent structures in use or available for use has been denied since 1 July 2019. However, confusion around the application of the provision and exclusions have prompted the ATO to release a Ruling that clarifies...
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Work from home expenses: new rate

With the expiration of the previous fixed rate method and the shortcut method for calculating the deduction for working from home (WFH) expenses, the ATO has released a draft guideline on the new revised fixed rate method for calculating work-related additional running expenses that will replace both these methods from 1 July 2022. Prior to 1...
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