Medical expenses offset phased out...
Previously in your Income Tax Return from 2014 to 2019 you could claim the Net Medical Expenses Tax Offset or NMETO, (got to love the acronyms), being, in recent times, for out of pocket expenses relating to disability aids, attendant care, and aged care.
It was being phased out and effectively abolished at the end of the 2019 financial year.
Super Dooper Problem!
Since 2017, employees have been able to claim superannuation as a tax deduction in their Income Tax Return.The excitement has created a flood of claims in the individuals Income tax return to the extent that 351,000 deduction claims where made my taxpayers in the 2018 tax year. That was an increase of 60% over the previous year for these types of tax deductions. For 20
First time doing your tax? Here's an understanding of what it's all about.
Well you’ve finally got your first job and you’re feeling good, a bit of extra coin to splash around, you can finally get away from your parents and buy the things you want. The first pay day and hey!!, there’s some money missing, what’s the story there? Well welcome to adult hood, it is t
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
Can I claim my Nail Polish as a tax deduction?
With most jobs, we all want to be well presented. We get the hair cut, buy some nice clothes and shoes, put on the war paint and do our best to look great. All those things we buy just so we can look the part within the organisation.
So do I get a tax deduction for all those costs?
The ATO is quite strict when it comes to claims for perso
I need to eat to work, can I claima tax deduction on my Income Tax Return?
‘I buy my lunch every day at work, and I need to eat to be able too do my job. Can I claim my food costs on my income tax?
Unfortunately, the tax man says you need to eat regardless of whether you are working or not. Therefore,this is a personal expense that can’t be claimed back in your tax return.
Top 5 TAX Mistakes
Have you ever wondered whether you're claiming the right tax deductions? Well, we go over 5 of the top tax mistakes the average person makes on their tax return.
1.Claiming your uniform when it’s not a uniform
If you have to wear normal clothes or a nice suit to work because your employer wants you to look professional and tidy, it doesn’t mean you can c
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GoTax is up and going for 2022, so what's NEW?
Our 2022 GoTax site is live at www.gotax.com.au
I suppose the big one is we are now CHEAPER than previous years.
We've turned the screws on the technology behind the system, got more efficient and we decided (stupidly) to DROP our price.
Our New Price Structure is:
Tax Virgins (for those first timers) - it's free
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