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
This one is a bit of a noodle scratcher...
We have all had to adjust to the new way of life, working at home, attending multiple ZOOM meetings, and simply trying to figure out life in this new world.
And with the new world, comes unusual tax deductions, some of these unusual work from home tax deductions include lighting/photo equipment and microphones to help improve the appearance and qual
Get your hands on some sweet, sweet cash.
The Low- and Middle-Income Tax Offset is available to anyone with income up to $126,000, however, how much you receive will depend on your income.
Anyone earning less than $37,000 will receive $255
Anyone earning between $37,001 & $48,000 will increase steadily to $1080
Those earning between $48,000 & $90,000 will get the full $1080, and
The simple answer is, yes.
JobKeeper was introduced by the Government to alleviate the financial strain on businesses during the COVID-19 pandemic.
These JobKeeper payments are essentially a wage replacement, and just like your normal wages, you need to be taxed on these payments.
For Employees, nothing would have changed for you, it’s just like your normal wage procedure, your boss
Great News! Well, it could be…
The ATO have extended their 80c Shortcut method to 30 June 2021.
This means that if you have worked from home for the full year, you may be able to claim the 80c Shortcut Method for the full year.
What is the 80c Shortcut Method?
This method covers ALL expenses relating to you working from home. So, all running expenses (Heating, Lighting, Cooling
The First Home Super Saver Scheme is going to help you buy your first home sooner.
How does it work?
You’ll have the option to save your deposit using your super account by creating a second account within your super fund for your home deposit savings.
And guess what?! You pay less tax on your savings if you put the money into your super account instead of a normal savings acco
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