Tax office has X-Ray vision It’s not only superman that has X-Ray vision when it comes to your Superannuation, it’s also the Australian Taxation Office (ATO). Two million Aussies have jumped to the front of the queue to access the first $10,000 available to draw down. And the ATO is watching. Those that have chosen to access their super must effectively self-assess and com
In the lead-up, and during Tax Time, you are likely to be exposed to an increase in tax-related scams which many Australian’s are falling victim to. The scams are getting more and more convincing every year, scaring people into giving out sensitive and personal information and/or handing over large sums of money. Fortunately, there are ways that you and your friends/family can avoid f
If you own a rental property, you may find that the bills start to add up. The good news is you can claim tax deductions for your rental property to decrease your taxable income which in turn decreases how much tax you have to pay. For some lucky investment property owners, that may result in a tax refund, for others it may mean a bill, but at Gotax, we work hard to ensure that you don&rsqu
A year can be a long time, and when tax time finally rolls around again, we can tend to forget what we bought for work during the year, so we are left doing one of these three things: Scrambling around trying to find our receipts Leaving the deductions out of our tax return and missing out on a better tax refund Adding the deductions in and hoping we don’t get pulled up for an audi
If you sign up and become an Uber driver you automatically have started a small business which means you now have tax and record keeping obligations. You will need to have an ABN, be registered for GST (the usual $75,000 turnover threshold does not apply to ride share drivers) and lastly you need to do a quarterly BAS (Business Activity Statement) which reports the GST you collect from your
This really isn’t a silly question; we get asked this often – so what’s the answer? If you are required to work out in the sun, then the cost of purchasing a hat to protect you from the sun can be claimed. You cannot claim it if you employer has reimbursed you for the cost or provided it for you. You will need to keep proof of purchase (receipt) if the total of all y
Airbnb is a popular way of making some extra money. However, there are tax issues that arise from renting out your home or part of your home. The ATO are targeting Airbnb hosts who are not declaring their income and not paying their fair share of tax. Airbnb income needs to be declared in your tax return. However, you can also claim a portion of your property costs to offset your tax.
Rebate income is made up of the total of all the following details from your tax return. Taxable income (if a loss then zero) Reportable employer superannuation contributions (total of RESC from your payment summary’s) Deductible personal superannuation contributions (The deduction you claimed for extra personal super contributions – not salary sacrificed)
Division 293 tax uses contribution information reported on an individual’s member contributions statement (MCS) to determine the total super contributions. The contributions that are counted for Division 293 tax purposes generally include: employer-contributed amounts other family and friend contributions assessable foreign fund amounts assessable amounts
Nobody likes to do their tax return, not even us bean counters, but for most of us it is the law that forces us to do so. Besides, the ATO needs to know what you have earned so they can send you your tax refund (if applicable). We here at Gotax, make it simple, easy and sometimes a little bit of fun, to put in the dreaded tax return and get you the maximum tax refund possible. By lodging