Summary of the 2021 Victorian State Budget
On Thursday 20th May, the Victorian Treasurer Tim Pallas delivered the State Budget for 2021-22. The Budget was described by the state government as Victoria’s road to recovery, this plans to achieved by investing in some transformational changes, especially in the space of mental health support. During the 2020-21 financial year Victoria recorded a significant […]
The Federal Government Announces Tax Cuts Aiming to Reduce Unemployment
As part of the upcoming federal budget, the Australian Government has announced that it will give 10 million working Australians a one-off tax cut. The purpose of this incentive is to boost the economy as it has been revealed that the number of long-term unemployment across the country is drastically increasing despite Australia’s quick rebound […]
Calls for The Australian Government to Expand Self-Education Deductions
The Institute of Public Accountants has called upon the federal government to follow through with its proposal to expand tax deductions to training and education that is unrelated to an individual’s current employment activities. At the present time, taxpayers are only eligible to claim tax deductions for self-education expenses that are directly related to their […]
Tax Deductions for Trainees and Apprentices
Commencing a trade or traineeship involves long hours spent learning the ropes in your chosen field. It’s a common misconception that apprentices or trainees can’t claim much on their tax return. This is not necessarily the case, because even though you’re just starting out as a trainee or apprentice, there are many deductions available that […]
Tax Advice for Australians Who Have Been Affected by Natural Disasters
Apart from the obvious and tragic devastation that is inflicted upon a person’s property during a natural disaster these types of events such as a flood or a fire can also result in the loss of income for many affected people. This can come about as a result of the damage done to workplaces, vehicles, […]
Tax Deductions Available for Nurses & Midwives
If you are a nurse, midwife or another kind of health professional, it is common for you to purchase work-related items and pay for them with your own money. It is important is be aware that these out-of-pocket expenses are often valid as tax deductions which you can claim on your next tax return. Here […]
Some of the Best Ways to Use Your Tax Refund
The money you are refunded as a result of your tax return could be used as an opportunity to eliminate debt, increase your savings or do something ‘long-term’ to support your children. Here are some tips to better utilise the money you get from your tax refund as opposed to going straight to the shops […]
CGT and FBT Exemption Draft Legislation Released
The Australian Government has published two pieces of draft legislation which were originally announced in the most recent federal budget from October 2020. The first piece of legislation which has been released include measures to exempt employers from the 47 percent fringe benefits tax (FBT). The second piece of legislation released provides a capital gains […]
Tax Deductions for Hospitality Workers
The hospitality industry has been one of the hardest hit sectors during the covid-19 pandemic. To make your financial situation less difficult it is important for hospitality workers to be aware of the many tax deductions that they are entitled to thus allowing them to put a huge amount of hard-earned cash back into their […]
How to Claim A Tax Deduction Via the Car Logbook Method
One of the most effective ways to increase the amount of money you receive on your tax return is to claim a deduction on your travel expensive. The car logbook method is a common way to track your car expenses. If you use your car for employment purposes, the Australian Tax Office will allow […]