Untaxed income
Sometimes, there’s no tax on certain types of income It is possible to receive amounts that you do not need to tell the taxman about, and don’t have to include as income on your tax return. The ATO classifies these into two different categories (or three, if you count “other” as a category). Exempt income. […]
Super as a tax deduction
Commencing from the 2019 income tax returns, individuals wishing to claim a deduction for personal superannuation contributions will need to obtain a specific declaration from their super fund prior to making the claim in their income tax return. This comes about due to concern individuals are claiming the deduction but not actually making the contribution […]
Small tax claims tribunal
Can the Small Taxation Claims Tribunal help? Now and then it may be the case that you will have legitimate reason to complain about how the Tax Office has dealt with your tax affairs, and of course you have every right to do so. But disputes about tax assessments do not always have to end […]
Exempt or non taxable income
It is possible to receive amounts that you do not need to tell the taxman about, and don’t have to include as income on your tax return. The Tax Office classifies these into two different categories (or three, if you count “other” as a category). Exempt income. This is simply amounts that have been deemed […]
Basics of income averaging
Income averaging: Who is eligible, how it works
Tax of Insurance Premiums
As a general guideline, the ATO will allow a deduction for certain insurance premiums if it can be shown that the insurance cover relates to earning assessable income. In other words, life insurance, trauma insurance or critical care insurance are generally out. Income protection insurance is one example of the kind of cover that may provide an allowable […]
Self Education Expenses
The value of a good education is widely accepted, and it is a common experience over one’s working lifetime to find that further learning is required along the path of one’s chosen career. Changing technology and evolving workplaces means that at some stage in every taxpayer’s life, an educational re-boot could become necessary — as […]
Taxable Payment Annual Reports
If your business primarily operates in the Building and Construction Industry, and makes payments to contractors, you are required to complete and lodge a “Taxable Payments Annual Report (TPAR)’ with the Australian Taxation Office each year. Businesses primarily in the building and construction industry need to report to the ATO the total payments they make […]
Travel Expenses
Working out what can be claimed as travel deductions is an area many taxpayers find confusing. To obtain a deduction three “golden rules” need to be considered and met: The most common question we get asked – “is my home to work travel claimable?” Firstly, home to work travel is generally considered private in nature […]
Basics of Downsizing Contributions
The Federal Government recently announced that, as of 1 July 2018, downsizers aged 65 years or older may opt to contribute proceeds from the sale of their home (up to a total of $300,000 each) toward their super fund(s). Referred to as a downsizer contribution, it is treated as being non-concessional; existing in addition to […]