What is a tax deduction? 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. Tax deductions include work-related expenses like the costs of buying uniforms, tools and travel […]
Tax Advice
Tax Advice: 2024 Tax Return | Increase Your Tax Refund | Tax Deductions | Medicare and Health Insurance | Tax Rebates
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 […]
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. However, it’s important to note that how you work from home impacts on whether you can claim home office expenses. […]
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 […]
5 Smart Ways to Use Your Tax Refund
We’re often asked the smartest ways to use your tax refund – so we’ve collated a quick list of tips and ideas! How to spend your tax refund to get ahead 1. Pay off your debts Probably the very smartest way to use your tax refund is to pay off any bills or credit cards. […]
Claim tax deductions to get a better tax refund
If you’re not sure how to claim tax deductions or what you’re actually allowed to claim, you’re not alone! The most common things our clients ask us is, “exactly what tax deductions can I claim on my tax return?” When you claim tax deductions the right way, you get more cash back in your pocket at […]
Government Tax Cuts Extended
The 2022 Budget threw in a few perks for businesses but the one that around 10 million taxpayers will appreciate, is the decision to increase the tax offset for low and middle income earners. The Low and Middle Income Tax Offset, often referred to as the LMITO, has been increased for the 2021-2022 income year […]
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 […]
Low Income Super Tax Offset
If you’re a low-income earner, saving for your retirement can feel daunting. Fortunately, the Australian Government have some programs to help you prepare, including the Low Income Super Tax Offset (LISTO). What does the Low Income Super Tax Offset program offer? The Low Income Super Tax Offset is a government program to help low-income earners […]
Your Tax File Number – Everything you need to know
What is a tax file number? A Tax File Number – sometimes shortened to TFN – is a unique ID number that you get from the government. It’s used for your tax return, benefit payments and superannuation services. You also need it to apply for an Australian Business Number and to complete a bank account […]
Ironing Out Laundry Expenses for Uniforms
Do you wear a uniform to work? If it falls into any of the categories we discussed in our uniform expenses post, you can also make a claim for the cost of laundering those uniforms. The way you calculate your laundry expenses will depend on your how you clean your uniform. We’ve created the following […]
Tax Cuts Announced for 2020-21
Federal Government brings forward tax cuts for the 2020-21 financial year To stimulate a struggling Australian economy, the Australian Federal Government has brought forward Stage 2 of their planned tax cuts and back dated them to 01 July 2020. The cuts originally penned to come into effect July 2022, will now take place in the […]
