ATO Offers Help To Australians Impacted By Covid-19 and Natural Disasters
The Australian Tax Office (ATO) acknowledges that workers across Australia continue to face huge challenges in regards to the covid-19 pandemic and various natural disasters which have occurred over the past 12 months. Here is some advice to help Australian taxpayers prepare for the upcoming End of Financial Year. JobKeeper JobKeeper payments are not tax […]
Common Tax Deductions Available for Sale Professionals
There are a number of common tax deductions available for sale professionals. It is important that you are aware of what you are eligible to claim so that you can get the most out of your tax return. Whether you are a real-estate agent, car sales person or sales rep, working in sales can […]
Tax Advice For Uber Drivers In Australia
Uber has become a popular way for Australians to earn additional income. However, drivers can find themselves potentially getting into serious tax related problems unless they do it right. The concept of being an Uber driver is unique and gives drivers a flexible opportunity to earn additional income for anyone who owns a good quality […]
Tax Deductions For Truck Drivers
Spending long periods of time away from your home can be expensive for many truck drivers. Thankfully there are plenty of expenses that can be claimed as a truck driver tax deduction on your annual tax return. As you are likely to expect, maintenance and repairs of your vehicle as well as running costs can be […]
Tips for Avoiding Confusion Over JobKeeper Payments at Tax Time This Year
Australian businesses and their workers who benefited from the federal governments JobKeeper wage subsidy will now have to navigate what it all means at tax time. On top of this, many individuals who withdrew their superannuation during the covid-19 pandemic to support themselves financially might also be unsure of their requirements at tax time too. […]
Small Businesses Encouraged to Pay Attention to Key Areas and Act Now in EOFY Tax Planning
Many Australians are guilty of leaving their tax planning until the last minute. Tax advisors are getting in early this year, with a particular warning to small businesses to act as soon as possible. The economic uncertainty of the 2020–21 financial year should motivate SMEs to review tax planning strategies immediately and not at the […]
Last Minute End Of Year Financial Year Tax Planning Tactics
The financial year has almost drawn to a close, however there are still many effective strategies you might be able to put in place. These strategies will ensure that you pay no more tax than you have to for the 2020-21 year and maximise any refunds you might be entitled to. Although the best tactics […]
The ATO Plans To Crackdown On Cryptocurrency At Tax Time
The Australian Tax Office (ATO) plans to engage around 100,000 taxpayers ahead of tax time to inform them about their required tax obligations as it moves to strengthen its stance on accounting for cryptocurrency. On Friday 28th May, the ATO warned taxpayers that they will likely be contacted as there are growing concerns that many […]
Federal Government Announces Superannuation Boost For 300,000 Australian Workers
As part of the 2021 Federal Budget, The Australian Government has announced that businesses part-time and casual employees will now have to pay for their superannuation as the government discontinues the $450 minimum income threshold. Under the current rates, employees earning under $450 a month are not required to be paid the superannuation guarantee by […]
The Australian Government Removes Work Test for Voluntary Superannuation Contributions
The Australian Government has announced that older Australians in SMSFs will be able to contribute earnings or savings directly into superannuation funds with the repeal of the “work test”. As part of the May 2021 Federal Budget, new changes will enable individuals aged between 67 to 74 years to make or receive non-concessional including under […]