Knowing what you’re entitled to claim for the end of financial year can be tricky, since every so often the Australian Tax Office (ATO) makes changes. Here are some of the tax deductions you may be able to claim in the 2021-2022 income year. Of course, general information like this will only get you so… Read more »
You know it’s tax time when the Australian Tax Office releases its annual ATO hit list of the areas they are targeting for special attention. This year the ATO hit list is focused on: record-keeping; work-related expenses; rental property income and deductions; and capital gains from crypto assets, property, and shares. “The ATO is targeting… Read more »
We all love our tax deductions, right? “I’m paying too much tax, how do I reduce it?” I have these conversations with my clients all the time. Unfortunately there’s a giant myth when it comes to tax deductions that not everyone is aware of. There are lots of opportunities out there, for better or worse,… Read more »
Yippee, you’ve scored a good looking return from the tax office this year. While you’re tempted to blow the lot, if you invest your tax return carefully you’ll set yourself up for long-term wealth. The ATO returned more than $1 billion to approximately 457,000 taxpayers in the 2019-2020 financial year. That’s an average return of… Read more »
If you think you can cheat the tax office, don’t even think about it. You can’t, and it will be just a matter of time before you’re caught. The tactics and resources the ATO has at its disposal are quite extraordinary. Each year, the ATO contacts around two million taxpayers about their individual returns. This… Read more »
During COVID, all levels of Government provided economic stimulus payments to business and individuals. Many have to be included as income in your tax return and it can be confusing to know which ones apply. Here’s a quick summary of how each kind of payment should be treated in your tax return. If you’re unsure… Read more »
It comes around every year. When our attention turns to the fiscal fiend and the amount of tax he has slugged us. Naturally, as good citizens, we don’t mind paying the right amount of tax but we are damned if we are going to pay a penny more than we have to. The problem is… Read more »
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 »
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 »
