The ATO Paid $5.3 Billion In Tax Returns During July 2021
Recently published figures from the ATO (Australian Tax Office) has shown that 2.1 million taxpayers across the country have so far received an average tax refund of $2,490 this contributing to a total of $5.3 billion, in the first four weeks into 2021 tax time. Assistant Treasurer Michael Sukkar tried putting a positive spin on […]
Claiming Tax Deductions Without A Receipt
Tax deductions are the main way you can improve your tax refund. In simple terms, deductions add fairness to the tax system; if you have to spend extra money that connected with how you earn a living, then you get something back for that. The ATO prefers that you keep a receipt for every expense […]
Reasons Why 1st July Is Too Early to File Your Tax Return
Millions of Australians are feeling enthusiastic about receiving their annual tax refund, but filling your tax return on 1st July has the potential to land you in some serious trouble with the tax office. The lure of a $1080 tax cut, available to millions of Aussies this financial year, might entice you to do your […]
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 […]
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 […]
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 […]
Tax Return Planning
It is highly recommended that you keep receipts for all expenses and possible tax deductions you are considering claiming for you or your business. It is also a good idea to scan and file them electronically so that they are accessible should you need them for audit purposes.
What should I bring to a tax return meeting
If you’re coming in soon to discuss your tax return for yourself or your business, try not to turn up completely empty handed, or at least to turn up prepared with some records or electronic access to them.
Are tips assessable?
Have you ever gone to pay for your coffee or lunch and saw the tip jar at the local café counter, and wondered how (or if) the business and/or its staff accounts for tax on that money? Depending on a number of factors, this can add up to quite a sum over a year, assuming the café owner empties the jar each day. Not surprisingly, the taxman has thought of this scenario, and has devised guidance for dealing with “tips and gratuities”.
The Value of your Accountant
Many businesses, especially smaller businesses, aren’t committed to consulting their accountant on a regular basis. This can turn out to be a costly error over the longer time when in fact a trusted and competent accountant helps you understand what’s happening in your business. The advice that your accountant gives you can help you avoid […]