Renting out part or all of your home

Renting out part or all of your home

If you rent out part or all of your home, the rent money you receive is generally regarded as assessable income. This means: you must declare your rental income in your income tax return, and you can claim deductions for the associated expenses you may not be entitled...
How to Claim for Motor Vehicle Expenses

How to Claim for Motor Vehicle Expenses

A key topic regarding tax deductions is claiming expenses for a car. The following notes outline the most important points when it comes to claiming a deduction for motor vehicle expenses. Of course, every person’s circumstances may be different, but the following...
The ATO – Warning Time

The ATO – Warning Time

It is warning time as The Australian Taxation Office (ATO) is closing in fast on everyone who doesn’t properly declare their income and pay the correct amount of tax. As your Tax Accountants, we want to help you be aware of what the ATO is doing and how you can...
2018 – It’s A Wrap

2018 – It’s A Wrap

As 2018 comes to a close in only a few hours I want to wish you a safe and happy New Year and take this opportunity to wrap up our 2018. It has been another amazing year for Precision. In fact, it has been the best yet. 2018 has been my fifth year in business and just...