The ATO Is Cracking Down On “Copy-Paste” Expense Claims
The Australian Tax Office (ATO) has given a warning to taxpayers who choose to “copy-paste” work related expense claims, like those accumulated when travelling between work sites, or laundering uniforms, while they have been working from home. Although the majority of Australians are doing the right thing, the ATO has reassured tax payers that the […]
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 […]
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 […]
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 […]