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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 »
Salary sacrificing can be an attractive way to buy the stuff you need while reducing your taxable income. But it’s not necessarily for everyone. Salary packaging can be a complicated thing to get your head around. Whether it’s right for you depends on your income, work arrangements, buying habits and even your retirement plans. What… Read more »
The tax considerations for investing in ETFs can be complicated. But if you want to stay on the right side of the ATO, you need to know them. The boom in Exchange Traded Funds (ETFs) on the sharemarket has attracted thousands of first time investors. If you’re one of them, the Australian Tax Office (ATO)… 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 »
The ATO has a vigilant tax audit program in place. So at tax time it’s critical to assess the risk profile of your investments and know what they’re looking for. With group certificates and financial year end investment statements about to hit, the attention of most investors turns to tax. The aim is not to… Read more »
The biggest unstated message from the intergenerational report released during the lull between lockdowns is that we will need more tax. Not now. At the moment it’s a matter of throwing everything we’ve got at getting on top of the COVID outbreaks and worrying about how to (and the extent to which we will need… Read more »
Last year, around 4.2 million Australians claimed deductions for more than $3.9 billion in gifts and donations to charities and not-for-profits. Which is great news for charities, but possibly not such great news when it comes to donation tax deductions… Would you believe nearly two thirds of the charitable tax claims adjusted last year were… 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 »
