Presidio Partners

🏠 Working From Home? Be Careful What You Claim!

The ATO is reminding taxpayers that rent, mortgage interest and other occupancy costs aren’t automatically deductible just because you work from home.

💻 Running expenses may include:
✔️ Heating, cooling & lighting
✔️ Internet & phone costs
✔️ Stationery & computer consumables
✔️ Office furniture or equipment

These can generally be claimed where you’re working from home as part of your employment, you incur additional costs and you have the right records.

🏡 Occupancy expenses such as rent, mortgage interest, council rates and home insurance are different. Employees can rarely claim these unless their home work area has the character of a place of business.

⚠️ If you are eligible to claim occupancy expenses, you’ll need to apportion the costs between work and private use. There can also be capital gains tax implications when part of your home is treated as a place of business.

💡 Not sure what you can claim? The team at Presidio Partners can help you get your work-from-home deductions right.

💼 Working More Than One Job? Don't Let Tax Time Catch You Out.

Whether you're juggling multiple jobs, earning extra income from a side hustle, or driving for a rideshare app, it's important to understand how your tax is being withheld.

⚠️ A common mistake is claiming the tax-free threshold from every employer. While it may mean more money in your pocket during the year, it could also leave you with an unexpected tax bill when you lodge your return.

Here's how to stay on track:
✅ Generally, only claim the tax-free threshold from your main employer.
✅ Set aside money if you earn income where tax isn't automatically withheld.
✅ If you have a HECS/HELP loan, let each employer know so the correct amount is withheld.

A little planning now can help you avoid an unwelcome surprise at tax time.

💡 Unsure if you're paying the right amount of tax? The team at Presidio Partners can help you get it right.

🚨 Tax Hacks? Think Twice.

If you're getting tax advice from social media, AI or a well-meaning friend, be careful. The ATO has warned it's keeping a close eye on incorrect claims this tax time.

👀 This year's focus includes:
✅ Work-related expenses – You can only claim expenses that are directly related to earning your income, you paid for yourself, and you have records to support.
✅ All income must be declared – This includes side hustles, rental income, bank interest and other earnings. The ATO's data-matching systems make it easier than ever to spot missing income.

⚠️ Remember: You're responsible for what's in your tax return—even if the advice came from social media, AI or someone you trust.

The good news? There are plenty of legitimate deductions available if you know what you're entitled to claim.

💡 Before you lodge, speak with the team at Presidio Partners. We'll help you maximise your refund while keeping your return accurate and ATO-compliant.

⏳ Thinking of lodging your tax return early? You might want to wait.

You may be tempted to lodge your tax return early in the new financial year to tick that job off the list, or to chase a refund to help with cost of living pressures. However, the ATO has a clear message this year: slow down and get it right. Early lodgers are far more likely to make mistakes, but patience and taking time to get all your financial information together usually leads to a smoother result.

✅ Waiting until later in July onwards gives your return the best chance of being pre-filled with the correct information, helping you avoid delays, amendments and unnecessary stress.

While you wait, you can:
✔️ Check your bank and contact details are up to date.
✔️ Gather your receipts and records.
✔️ Review the deductions you may be entitled to.
✔️ Download the ATO app to keep track of your tax information.

💡 Even when your return is pre-filled, always check the information against your own records before you lodge.

Need help getting your tax return right the first time? The team at Presidio Partners is here to help.

📱 Getting Financial Advice from Social Media? Read This First!

Social media can be a great place to learn about money, but not everything you see is accurate—or legal.

ASIC has recently warned several "finfluencers" for allegedly providing unlicensed financial advice, reminding Australians to think carefully before acting on online investment tips.
🚩 Watch out for red flags like:
• Promises of guaranteed or risk-free returns
• Pressure to invest quickly
• "Get rich quick" claims
• Investment recommendations without knowing your personal situation
• Content that ignores the risks
Remember, what works for someone else may not be right for you. Your income, goals, family situation and risk tolerance all play a part in making good financial decisions.
💡 Use social media as a source of general education—not personalised financial advice. Before making important financial decisions, speak with a qualified professional who understands your circumstances.

Need advice you can trust? The team at Presidio Partners is here to help. Get in touch with the Presidio Partners team today!

💡 Tax Deductions vs Tax Offsets – What's the Difference?

With recent Budget announcements introducing a proposed $1,000 standard work-related deduction and a $250 Working Australians Tax Offset, it's a great time to understand how these two tax benefits actually work.

✅ Tax deductions reduce your taxable income. The amount you save depends on your tax rate.
✅ Tax offsets reduce the tax you owe, dollar for dollar, making them potentially more valuable.
For example:
• A $1,000 deduction could save you between $160 and $450, depending on your income.
• A $250 tax offset reduces your tax bill by the full $250 (provided you have enough tax payable).
⚠️ Keep in mind these Budget measures are proposed for future financial years and won't apply to your current tax return.
Not sure what deductions or offsets you're entitled to? We're here to help you maximise your tax position and make sure you don't miss out.

📞 Get in touch with the Presidio Partners team today.

💼 Federal Budget: Business tax relief announced

The latest Federal Budget includes a range of proposed measures aimed at helping businesses invest, grow and plan with greater certainty.

📌 Key highlights include:
✅ The $20,000 instant asset write-off is set to become permanent for eligible small businesses (turnover under $10 million)
✅ Tax loss carry-back rules to return for eligible companies from 1 July 2026
✅ Proposed changes to FBT concessions for electric vehicles, phased in over coming years
✅ Enhanced R&D Tax Incentive from 1 July 2028 to encourage innovation
✅ Optional monthly PAYG instalments for small and medium businesses from 1 July 2027
✅ Proposed changes to discretionary trust taxation from 1 July 2028
While many of these measures are still subject to legislation and won't take effect immediately, they could have a significant impact on business tax planning.

📞 If you'd like to understand how these proposed changes may affect your business, get in touch with our team.

💰 Federal Budget Update: Personal tax relief on the way!

The 2026–27 Federal Budget includes several proposed tax changes that could affect individuals and investors over the coming years.

📌 Key highlights:
✅ A new $250 Working Australians Tax Offset (WATO) from 1 July 2027
✅ Previously announced personal income tax cuts remain on track
✅ Proposed changes to Capital Gains Tax (CGT) from 1 July 2027
✅ Superannuation remains largely unchanged, with complying super funds continuing to receive concessional tax treatment on long-term capital gains
✅ Proposed changes to discretionary trusts and negative gearing from 1 July 2027
While many of these measures are still proposed and won't take effect immediately, they could have a significant impact on future tax and investment strategies.
📞 If you're wondering how these changes could affect your personal finances or investments, we're here to help you plan ahead.

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