Is Lenders Mortgage Insurance (LMI) Deductible for Rental Properties? Yes, Lender’s Mortgage Insurance (LMI) can be claimed as a tax deduction for rental properties in Australia, but it must be done over time as a borrowing expense. Understanding how to correctly claim this deduction is vital for property investors who want to maximise their tax deductions and get the maximum refund.
Common Rental Property Errors Revealed: ATO's Data-Matching Insights The Australian Taxation Office (ATO) has recently extended its property management data-matching protocol for the financial years 2023–24 to 2025–26. This initiative aims to identify and rectify common errors in the reporting of rental income and claims for capital works and depreciating assets. In this blog, we wi
How to Deal with Overdue Tax Returns in Australia If you have overdue tax returns, you may be wondering what to do and what consequences you may face. Wewill now explain the steps you need to take to lodge your overdue tax returns and whether there are any penalties and interest payable as a result of being late. Why you should lodge your overdue tax returns Lodging your tax returns on ti
Can I claim my Camera? | GotaxCan You Claim Your Camera as a Tax Deduction? The answer isn't straightforward; it depends on how you use your camera and how well you document that use. We will walk you through the process, helping you understand when and how you can claim your camera on your Income Tax return, ensuring you get the maximum refund. Table of Contents Eligibility for
Can I Claim Parking on Tax? A Guide for Australian Taxpayers Parking expenses can be a significant cost for many workers, especially those who need to travel frequently for their job. If you're wondering whether you can claim parking on your tax return, you're not alone. We will walk you through when parking fees are tax-deductible, the traps to watch out for, and provide examples to clarify wh
Can I Claim Road Tolls on My Tax? As a construction worker or any professional using their vehicle for work, you might wonder if road tolls qualify as a tax deduction. We’ll explore when you can claim toll expenses, identify potential traps, and provide clear examples to help you maximise your tax refund. Index When Are Road Tolls Tax Deductible? Examples of Deductible Toll
Can I Claim Taxi Fares on My Tax? When it comes to claiming taxi fares on your tax return, the Australian Taxation Office (ATO) has specific guidelines that you must follow. Knowing these rules can help you maximise your tax deductions and avoid common errors that could lead to penalties. When Taxi Fares Are TaxDeductible Taxi fares can be claimed as a tax deduction if they are direct
Hospitality Workers: A Comprehensive Guide to Tax Deductions Hospitality workers incur various job-related expenses that can lead to significant tax deductions. Understanding these tax deductions can help you maximise your tax refund. We will outline the key tax deductions you can claim and how Gotax can simplify your tax return process. Uniforms and Protective Clothing Hospitality wo
Maximise Tax Deductions for Construction Construction Workers: Maximise Your Tax Deductions with Gotax As a construction worker, you encounter a range of job-related expenses, many of which can be claimed as tax deductions. Understanding these tax deductions is important to maximising your tax refund. This guide outlines the key tax deductions available to you, helping simplify your tax retu
Max Flight Attendants' Tax DeductionsLearn what Flight Attendants can Claim on their Tax Flight attendants have a unique profession that offers a range of tax deductions, often overlooked. Understanding and claiming these deductions effectively can significantly increase your tax refund. In this guide, we'll look at the key tax deductions available to flight attendants, and how Gotax can simpli