The Australian Taxation Office (ATO) has set up a temporary ‘shortcut method’ to claim work from home deductions this year. Here’s how to use it to when you do your 2021 tax return. The shortcut method was introduced last year in response to the rapid rise of people working from home. ATO says shortcut method is… Read more »
Millions of Australians are missing out on legitimate tax deductions every year. To maximise your tax return you need to research exactly what you can and can’t claim for your specific income streams. Getting savvy about what you can claim on your tax return means you’ll receive back the full amount you’re entitled to. It’s… Read more »
Lots of people worried about how they’ll pay for their retirement may not realise they already have a substantial nest egg they’ve simply misplaced. New Australian Taxation Office (ATO) data reveals more than $20.8 billion worth of superannuation sits in lost or unclaimed accounts. The ATO is keen to reunite people with their money and has… Read more »
As part of their annual tax refund, around 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses including non-allowable items such as dental costs, child care, private vehicles and even Lego sets. One particularly charitable taxpayer tried to claim for a car purchased as a gift for their mother. While the ATO appreciated the sentiment,… Read more »
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