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To claim a deduction, you need to get and keep records to prove you incurred the cost of the expenses. You will also need to be able to show how the expense relates to earning your employment income.

To claim a deduction for a work-related expense you must meet the 3 golden rules: You must have spent the money and you weren't reimbursed The expense must directly relate to earning your income You must have a record to prove it (usually a receipt).

You must include all the income you receive during the income year from being an employee office worker in your tax return, this includes: salary and wages, including cash or bonus payments allowances.

Dr Philip Lowe, Governor of the RBA, said that while Australia's inflation has passed its peak, further tightening will keep occurring until the inflation target is met. High inflation makes life difficult for everyone and damages the functioning of the economy. It erodes the value of savings, hurts household budgets, makes it harder for businesses to plan and invest, and worsens income inequality.

The Australian Tax Office (ATO) has provided important updates for tax agents to consider regarding their clients' 2023 tax returns. These changes will impact both individual and company tax filings. Tax agents are advised to familiarize themselves with these alterations and understand their potential impact on their clients' returns.

Rising interest rates and the surging cost of living are putting more Australians under mortgage stress, according to a new report. PEXA’s Emerging Mortgage Risk report has found that families in certain locations around Australia are allocating 40-60% of their income to meet their home loan repayments – putting them at a high level of mortgage stress.

With interest rates rising and the cost of living surging, many Australians are likely wishing their mortgage was already paid off. While most borrowers look to pay off the minimum each month, there are things you can do to pay down the mortgage faster. Here are five options to consider

In an attempt to curb inflation, the Reserve Bank of Australia (RBA) has raised the cash rate by 25 basis points, making it 4.1%, the highest level in 11 years. This decision marks the 12th interest rate hike in just over a year. While economists and markets had slightly anticipated no change this month, the RBA deemed the risk of prolonged high inflation to outweigh the potential financial strain on households and businesses.

A triad of targets will get special scrutiny this time and the services expects to issue smaller refunds. An ATO crackdown this time will concentrate on three areas where miscalculations are “ common ” and it expects to issue smaller refunds and leave further taxpayers in debt. Reimbursement property deductions, work- related charges and CGT have moved to the top of the ATO hitlist and it warns accountants that landlords, those working from home and investors will be subject to redundant scrutiny.

At its meeting today, the Board decided to leave the cash rate target unchanged at 3.60 per cent and the interest rate on Exchange Settlement balances unchanged at 3.50 per cent.This decision follows a cumulative increase in interest rates of 3½ percentage points since May last year. The Board recognizes that monetary policy operates with a lag and that the full effect of this substantial increase in interest rates is yet to be felt.