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
Are Moving Expenses Deductible When Relocating for Work? If you're relocating for work, you might wonder if you can claim moving expenses as a tax deduction. Let's have alook at the traps, and explore some examples to help you understand what's deductible and what's not. Understanding Moving Expenses When you relocate for a new job or to a different work location, it's natural to incu
I'm currently earning $100,000 in the 23/24 year. I have to pay Medicare Levy Surcharge. Can I make a personal super contribution to negate the MLC? To reduce or avoid the Medicare Levy Surcharge (MLS), one option is to lower your taxable income by making personal super contributions. Here's how it works: How Personal Super Contributions Help Tax Deduction: By making a personal super c
I earn $100,000; I'm single; is private Health Insurance worthwhile? Medicare Levy Surcharge (MLS) Since you earn $100,000 and don't have private health insurance, you'll have to pay the Medicare Levy Surcharge (MLS). The MLS is an extra tax for people earning above a certain amount who don't have private hospital cover. For your income level, the MLS is 1% of your taxable income. Cal
Tax Secrets for Miners: Maximising Your Tax Deductions I'm here to help you uncover the tax secrets that can maximise your tax deductions and boost your tax refund. Doing your tax return might seem daunting, but with a few tips and tricks, and with help from Gotax, you can make the most of your work-related expenses. Let's get into the world of tax deductions and see how you can claim them on y
Tax Tips for Retail WorkersGet the Tsx Tips your need for Retail Workers Working in retail comes with unique opportunities for tax deductions, but it’s important to know what you can claim and the common pitfalls to avoid. This guide will offer simple and instructional advice to help you maximise your tax refund and stay compliant with the Australian Taxation Office (ATO). Index
Here is aguide to help you understand Pay As You Go (PAYG) instalments. This system helps you manage your tax liabilities by making regular payments throughout the year, reducing the risk of a large tax bill at the end of the financial year. Let’s look at how PAYG instalments work, identify common traps, and provide practical examples to help you navigate this essential aspect of the tax
Knowing when you’re exempt from lodging an income tax return in Australia can save time and reduce stress. We breakdown the criteria and traps to help you determine if you need to lodge, and explainhow you can still maximise your tax deductions and get the maximum refund. Index Income Below the Tax-Free Threshold No Taxable Income Specific Government Payments Non-Lodgment
De-stress your Tax Return Tax season can be a stressful time for many Australians, but it doesn’t have to be. With the right tools and knowledge, you can navigate your tax obligations smoothly and maximise your tax savings. We will cover occupation-specific tax deductions, identify common traps, and offer practical examples to help you stay compliant and relaxed. Index Why Choo
Are you a freelancer or self-employed? Being a freelancer or self-employed comes with the freedom of being your own boss, but it also brings a set of tax obligations that you must understand to stay compliant and maximise your tax savings.We will simplify the essentials, identify common traps, and provide examples to help you navigate your tax obligations effectively. Index Underst