Can I Claim Tax Deductions for Donations to Political Parties? If you're considering making a donation to a political party and wondering if it's tax-deductible, we'll give you the information you need to know. Let's take a look.. Tax Deductibility of Political Donations In Australia, you can claim a tax deduction for donations made to registered political parties or independent candidate
Are Health Insurance Premiums Tax-Deductible? If you're wondering whether your health insurance premiums can be claimed as a tax deduction, you're in the right place. Let's take a closer look at what happens with Private Health Insurance. Tax Deductibility of Health Insurance Premiums Health insurance premiums themselves are generally not tax-deductible for individuals. However, there
What is the Tax-Free Threshold in 2024, and How Does It Apply to Me? Let's look athow the tax-free threshold works and how it impacts your tax obligations. What is the Tax-Free Threshold? The tax-free threshold is the amount of income you can earn each financial year without paying any income tax. For most Australian residents, the tax-free threshold in 2024 is set at $18,200. This me
What Are the Tax Implications of Withdrawing Superannuation Early? Considering an early withdrawal from your superannuation? It's important to understand the tax implications and conditions of release before making any decisions. Wewill look at the tax implications of withdrawing superannuation early. Let's have a look. Conditions for Early Superannuation Withdrawal Superannuation is
Lender's Mortgage Insurance (LMI) is a common requirement for borrowers.... who have a lower deposit when purchasing a property. While it protects the lender in case of borrower default, understanding the tax implications of LMI is crucial, especially for investors. Let's look at when LMI is deductible, how it is apportioned, and specific scenarios including construction projects. When i
What Tax Deductions Are Available for Small Businesses in 2024? G'day, small business owners! Navigating the world of tax deductions can be full on, but with the right knowledge, you can maximise your tax refund and keep more money in your pocket. Let's look at the tax deductions available to small businesses in 2024. Key Tax Deductions for Small Businesses Instant Asset Write-Off:
How to Calculate Your Tax on Dividends and Franking Credits If you're investing in shares, understanding the mechanics of how to calculate tax on dividends and franking credits is pretty damn important. We will walk you through the process, helping you maximise your tax deductions and avoid common pitfalls. Understanding Dividends and Franking Credits Dividends are payments made by a comp
Maximising Tax Deductions for Electric Vehicles in Australia Electric vehicles (EVs) are becoming increasingly popularand understanding how to claim tax deductions for work-related use is crucial for maximising your tax benefits. Let's explore the two main methods for claiming deductions—the cents per kilometre method and the logbook method—and determine which one offers the maximum
What can you claim when you attend a conference? The costs associated with conferences can add up quickly. Many of these expenses may be eligible for a tax deduction if they are directly related to your work (and are NOT reimbursed by your employer). Here's a simple look on how to claim travel expenses for attending a conference, complete with examples and common traps to avoid. What Tra
Capital Gains Calcs and what happens if less than a year Investing in shares can be a rewarding way to grow wealth, but you'll needto understand the tax implications involved, particularly when it comes to capital gains. Knowing how to calculate your capital gains and the impact of holding periods is crucial. We'll guide you through the process of calculating total and net capital gains on shar