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Senate Republicans won’t expand food stamps program in pandemic relief proposal. It does suggest doubling the ‘three-martini lunch’ tax deduction

Senate Republicans introduced their coronavirus relief bill on Monday, known as the HEALS Act (Health, Economic Assistance, Liability Protection, and Schools Act). The proposal included another round of $US1,200 stimulus checks, and reduced unemployment benefits, and allocated $US105 billion towards education – two-thirds of the funding is tied to schools […]
Senate Republicans won’t expand food stamps program in pandemic relief proposal. It does suggest doubling the ‘three-martini lunch’ tax deduction
Markets

5 tax breaks you can’t get anywhere but the US

Some tax deductions and tax credits for businesses and individuals are unique to the United States tax code. The Foreign Earned Income Exclusion, for example, allows expats to avoid paying US taxes on income earned in the country where they live and work. New under the Tax Cuts and Jobs […]
5 tax breaks you can’t get anywhere but the US
Markets

The top 10 jobs that claim the most tax deductions

Tax experts at Etax.com.au have found that surgeons claim by far the most tax deductions in Australia, followed by real estate agents, and lawyers. The company analysed the latest Australian tax return data from the ATO, and found that surgeons, on average, claim more than double the next occupation on […]
The top 10 jobs that claim the most tax deductions
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The ATO is targeting dodgy clothing tax deduction claims

The Australian Taxation Office (ATO) is cracking down on rising tax deduction claims for work-related clothing and laundry expenses. The ATO believes a lot of taxpayers are either making mistakes or deliberately over-claiming. “Some people think they can claim normal clothes because their boss told them to wear a certain […]
The ATO is targeting dodgy clothing tax deduction claims
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These 10 jobs claim the most tax deductions in Australia

The 10 jobs that claim the biggest tax deductions in Australia have been revealed by online service provider etax.com.au. The figures, which represent overall data from the Australian Taxation Office and not just those from etax.com.au customers, show that the average Australian claims $3,041 of deductions on their tax return. […]
These 10 jobs claim the most tax deductions in Australia
News

11 things ATO just warned people not to claim as a work-related expense

As tax season approaches, the Australian Taxation Office has sent out a warning to taxpayers to not claim deductions for expenses that are commonly misconstrued as work-related. “Many taxpayers don’t have a good understanding of what deductions they can claim, and believe they can claim for items which they in […]
11 things ATO just warned people not to claim as a work-related expense
News

Labor wants to cap tax deductions for accountancy to $3000

The Labor Party will limit the amount an individual can claim as a tax deduction for accountancy to $3000 when in government. In his budget reply speech last night, Opposition leader Bill Shorten took aim at 48 Australians who earned more than $1 million in 2014-15, but paid no tax. […]
Labor wants to cap tax deductions for accountancy to $3000