There seem to be quite a few naughty people out there that have accessed their COVID Super falsely. Those that have lied about their financial situation in order to access their super early are in the gun sights of the ATO.
And… the potential damage to the naughty ones?..... an up to $12,600 penalty on each of the $10,000 superannuation drawdowns. On top of that, the amounts paid under t
IT Workers, your job is hard enough without having to worry about what you can claim on your tax return. So we have made your life a little easier by listing the common tax deductions you can claim on your tax return (with Gotax Online of course!).
So if you have to buy computer stuff for work then youcan claim these back as a deduction in your etax return. Below is a list of the common
If you purchase new assets forwork-related purposes and thecost is over $300 (if you're not in business), you can't claim the full cost of the new assets outright on your tax return. We use the method "Depreciation" (pronounces DEE-PREE-SEE-AY-SHON)to spread the tax deduction over a few years
Depreciation (or decline in value) is the way we claim the value of that asset (c
JobKeeper & JobSeeker Changes
From 28 September 2020 to 3 January 2021
The JobKeeper Payment rates will be: $1,200 per fortnight for all eligible employees who, in the four weeks of pay periods before 1 March 2020, were working 20 hours or more a week on average.
$750 per fortnight for all other eligible employees.
From 4 January 2021 to 28 March 2021
The JobKeeper Payment rates
If you have to use your internet to earn your income and your boss hasn't reimbursed you for the cost, you may be able to make a claim for part of the cost of your internet on your tax return. How good is that?!
You can’t just claim the whole bill though (unless you only use it for work). The claim must be equal to the amount you use for work purposes. For instance, if for work pu
By signing up to become an Uber driver you will have started a small business and therefore have tax and recordkeeping obligations you must meet.
First of all, you need to get an ABN, must be registered for GST (the usual $75,000 turnover threshold doesn’t apply for taxi services) and do quarterly Business Activity Statements (BAS’s) to report the GST you collect from your cli
If you are a mechanic, then no doubt you have spent a small fortune on tools and other stuff needed for work.
The good news is, you can claim some of these back as tax deductions in your tax return.
Now don’t get too excited – first, you need to remember the ATO’s 3 golden rules:
You must have spent the money yourself, and not been given the money back from yo
Here’s the latest tax news that everyone needs to know before they lodge their 2020 Tax Return.
Feel free to share with your Friends & Family.
JobSeeker & JobKeeper Payments are TAXABLE
If you have applied for either payments, it’s important to note that they are taxable! So, if you think your income between 1 July 2019 – 30 June 2020 will go over $18,200 it
CAN I CLAIM IT?
If you can say "YES" to all of the below, then in most cases you can claim the expense as an etaxtax deduction on your tax return.
• Did you spend money that was necessary for you to do your job?
• Do you have a proper receipt or evidence for what you spent?
• Did you pay for the expense yourself?
• Did you use your own moneyand nota
With scammers continuously developing new scams, it’s important that you know how to protect yourself from becoming one of their victims.
The ATO have provided 5 tips on how to protect yourself:
Tip 1: Know your tax affairs – you can contact us to confirm whether you have any outstanding lodgement obligations, tax debts or tax refunds
Tip 2: Always keep your personal and f