News and Views Podcast Show · Sarah Power: Director of Business Concepts Group, Financial Planner and Accountant

NV144: Tax Misconceptions

·24 min·1 clip

Moving back into a rental for 12 months does not make the sale tax-free.

1. BCG News and Views Podcast Show episode 144 is about tax misconceptions in Australian taxation, business, and superannuation. 2. Sarah Power is the host and Chris Reid is the returning guest, and both speak as accountants and tax agents. 3. The episode is for checking what can actually be claimed, what records are needed, and where the ATO is likely to ask questions. 4. Sarah lists 21 October for monthly activity statements and 28 October for PAYG instalments and quarterly super. 5. She also names 11 November as the electronic due date for the September quarter BAS. 6. The hosts warn that late super payments are non-deductible and require SGC forms lodged with the ATO. 7. They start with substantiation rules for individual deductions and say receipts are needed for most claims. 8. Chris adds that a bank statement or credit card statement can be enough if it shows enough detail about the expense. 9. Sarah says the ATO can generally audit returns for a couple of years after lodgement, so records need to be kept. 10. The home-office discussion focuses on a rule that began from the start of March and requires a diary, evidence, or timesheet. 11. Sarah gives an example of an Outlook calendar entry showing work-from-home days and says access to old records matters. 12. Chris and Sarah push back on claims that 60%, 70%, or 80% of home bills are deductible without a strong basis. 13. Chris says the usual method for a separate study is floor space, and he cites claims that often land around 8%, 10%, 12%, or 15%. 14. The car discussion covers logbooks, 13-week recordkeeping, and the difference between work travel and private travel. 15. Sarah says the cents-per-kilometre method still needs some diary evidence, especially when a taxpayer claims 5,000 kilometres. 16. The uniform section says logos, occupation-specific clothing, protective workwear, and some non-slip shoes can qualify, but suits generally do not. 17. The property section says a house that has earned rental income can still face capital gains tax even if it was once a principal residence. 18. Chris says moving back into a rental for 12 months does not automatically make the sale tax-free, and that the gain may be apportioned. 19. The conversation is explanatory and practical, with Sarah and Chris trading examples and answering each other in a calm, advisory style. 20. People with work-related deductions, rental properties, or company structures will get the most value, while anyone looking for aggressive claims may skip it.

As heard by us

Practical tax guidance centered on substantiation and record keeping.

The episode keeps to a plain message: a tax claim should rest on a reasonable basis and be ready to stand up if questioned. Sarah Power and Chris Reid move through familiar areas such as iPad work-use claims, motor vehicle deductions, and work-from-home hours, while also…

Read the full review in PlayNext →

Why you'd press play

A calm guide to the deductions people think they can claim without enough proof.

Read the full recommendation in PlayNext →

Listen to the show on

Apple Podcasts Spotify

Play clips from this episode More from News and Views Podcast Show