Choosing the Right Super Option for Your Unique Needs Self-managed super funds (SMSFs) are growing in popularity and more Australians are using them to build their retirement funds. What are SMSFs, and most importantly, are they worth it? Below we compare the two most popular options, self-managed and APRA-regulated funds. Definitions What is a Self-Managed […]
2024 Tax Return
Tax Advice: 2024 Tax Return | Increase Your Tax Refund | Tax Deductions | Medicare and Health Insurance | Tax Rebates
Claiming Work From Home Tax Deductions
If you’re an employee who works from home, you’re probably using things like your phone, internet, and electricity. These are considered work from home tax deductions that you could potentially claim on your tax return.
Work related car expenses: what can I claim on my tax return?
The ATO has rules for how to calculate car deductions. Find out how new car deduction rules may affect you (and your tax refund).
A Simple Guide To Tax Deductions in Australia
A tax deduction is something you paid for, out of your own pocket, that can be listed on your tax return. Deductions can help reduce your taxable income, which boosts your tax refund at tax time.
Why Is My Tax Refund So Low?
And How Do I Avoid It Happening Again?
Approximately eight out of every ten Australians who lodge a tax return receive a tax refund. But for some of us, the refund that we get isn’t quite as big as we expect.
Claiming Home Office Expenses in 2024
The ATO announced big changes to how you claim home office expenses on your 2024 tax return. Before we get into the details, don’t stress – at Etax we’ll help get it right for you. Some of the changes to work-from-home claims are complicated, BUT, Etax will automatically calculate which deduction method gives you the […]
Changes to the Stage 3 Tax Cuts explained
Stage 3 Tax Cuts in a snapshot The government’s tax changes to the stage 3 tax cuts came into effect from 1 July 2024. Compared to the original stage 3 tax cuts, these changes give a break to low and middle-income earners by lowering the tax withheld from their take home pay. The result: Australians […]
ATO Data Matching – What is it and will it affect me?
You may have heard that ATO data matching technology is now being used in Australia. The ATO launched the system to find missing income from individual tax returns. It’s a new, more sophisticated way to collect more tax from taxpayers who may, either accidentally or deliberately, understate their income. What is ATO Data Matching? ATO […]
The Low and Middle Income Tax Offset (LMITO) is Over – What Does it Mean for You?
We all enjoy an extra boost in our tax refund. Most recently, the low and middle income tax offset (LMITO) has helped boost refunds for millions of Aussie workers. The government introduced LMITO in the 2018-19 tax year and increased in value in 2021-22 with an additional “cost of living tax offset”. Unfortunately, the end […]
Actual Cost Method
The Actual Cost Method is one of two methods available to taxpayers to claim their work from home expenses. As opposed to the fixed cost method where you claim 67c per hour worked from home, the actual cost method involves claiming the actual cost you incurred for items like phone, internet and electricity while working […]
Save Receipts and Deductions to Fast-Track Your Next Tax Return
The best way to tackle next year’s tax deductions is to save ALL your tax receipts – but that’s not always easy. Did you get to tax time this year and wonder where your other expenses have gone? It’s SO annoying when you realise you can’t claim back the hard-earned cash you spent on work-related […]
Crypto Tax Australia – Your Guide to Cryptocurrency and Your Tax Return
The use of cryptocurrency is growing every day in Australia, but what actually is it? More importantly, how does crypto tax affect you? First things first: What is cryptocurrency? Cryptocurrency, usually shortened to crypto, is used to describe a digital or ‘virtual’ currency. Crypto is similar to normal currency when it comes to spending but […]
Can’t work due to COVID? What help is available?
What do you do if you can’t work due to COVID? With self-isolation rules relaxing, the Government is no longer providing the Pandemic Leave Disaster Payment. Instead, the High-Risk-Setting Pandemic Payment has taken its place but is not available to everyone. Luckily there is some help out there to help you stay afloat if you […]
COVID Tax Deductions (And Other Changes To Your Return)
It’s no secret that the global COVID-19 pandemic changed many aspects of our lives and now that COVID appears to be here to stay, it’s time to learn what it means for your tax return. If you’re like the millions of other Australians who’ve had their work arrangements change, it’s important you understand how your […]
How to Claim Personal Super Contributions Tax
Invest in your future by adding money to your superannuation AND score some savings at tax time. Sounds great, right? Let’s cover how to claim your personal super contribution tax on your next return. Most Australians know that super is money for retirement. What’s less well known is: What is Super Contributions Tax? A personal […]
