There’s no denying it, IT professionals are the unseen frontline heroes of a business. Whether you’re a developer, a support guru or a security ninja, it’s never an easy job to keep services and people working, 24/7. What is surprising is the number of available tax deductions for IT professionals. So, let’s get our IT […]
The Etax Blog: Tax Tips
Paying GST at Settlement: What you need to know
What is GST Withholding If you buy a new residential property, or land with the intention to build a residential property and you make this purchase from a GST registered business, you need to withhold an amount for GST to pay directly to the ATO on settlement. When does the GST Residential Withholding payment apply […]
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 […]
How to defer a HELP debt during financial hardship
If you have a HELP debt and are experiencing financial hardship, you may be eligible to ask the ATO to defer your help debt for a temporary period. If the ATO accepts your request, it means that they will put a temporary hold on your repayments. What is a HELP debt? Commonly referred to as […]
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. “Why is my tax refund so low?” is a very common question, especially in […]
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 […]
Salary Sacrifice and Tax: The Basics
Salary sacrifice arrangements, also known as salary packaging, can be a smart way to get ahead, but it can also get confusing. Essentially, salary sacrificing means you use a portion of your pre-tax income in exchange for certain benefits or items. And, as you use your pre-tax income, you pay less tax overall. Many employers […]
Fringe Benefits Tax (FBT)
Whether you receive fringe benefits as part of your employment contract or a salary sacrifice package, it’s important to understand how fringe benefits tax affects your tax return. Your employer must pay any tax applied to the fringe benefits you receive, but you will also need to report them on your tax return. What are […]
A Simple Guide To Tax Deductions in Australia
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 […]
Investment property tax deductions under the ATO spotlight
Australian investment property owners may be on a collision-course with the Australian Tax Office (ATO) in 2023, over incorrect claiming of tax deductions. Along with the rising cost of living and borrowing rates in Australia, the estimated 1.7 million people who own a rental property will also have their investment property tax deductions put under […]
Tax Bracket Creep in Australia: What Is Bracket Creep, And How Does It Affect You?
Bracket creep is a situation in Australia where inflation and wage increases push more and more people into higher tax brackets. The result is that income tax takes more and more of people’s earnings, even though the Government did not formally raise tax rates. Let’s dig into the concept of bracket creep, its impact on […]
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. […]
Australian Superannuation Guide
Everything you need to know about superannuation, from the basics of how funds work, extra payments, tax deductions & keeping them on track.
What are the maximum super contribution and tax rates?
When you know the super contribution limits and rates – and the different ways to add money to your super – you can boost your annual tax refund and save painlessly for your retirement. A healthy superannuation fund is an important part of planning for your retirement. Putting extra money into your superannuation is a great investment in your future. […]
