Wed, 8th May 2024

In this week's episode of Weekly Finance News Wrap, Paige Estritori details the Australian Tax Office's move to closely inspect home office and rental property deductions. Taxpayers are advised to be diligent in their record-keeping and work with a tax agent to ensure accurate reporting. Also mentioned is the need to wait for pre-filled data before submitting tax returns. In other news, the Australian government has reduced $3 billion from student loans, which will affect over three million degree holders. This shift targets the financial burden students face post-graduation with the indexation linked to either consumer or wage price index. The change is retroactive from last June and serves as proof of the government's commitment to affordable education despite inflationary pressures. Tune in next week for more financial updates from Financial Services Online.n