Comparing WFH and Home Office ExpensesComparing Work From Home (WFH) and Home Office Expenses When it comes to claiming expenses for working from home, there are two primary methods:Work From Home (WFH) ExpensesandHome Office Expenses. Each method has distinct criteria, allowable deductions, and scenarios where they apply. Let's compare these two methods and provide scenarios for each to clarif
Capital Losses | Online Tax 2024 Capital Losses: What you can claim Let us break down Capital Gains for you. Simply, if you sell an asset for less than what you buy it for then, it's a loss. You would think that because you've made a loss, that you can quite readily deduct it from other sources of income. However, with Capital Losses there are certain restrictions as to what you can
Tax Deduction for travelfor FIFO Workers Introduction What Are FIFO Workers? General Rule on Travel Expenses Exceptions for FIFO Workers Key Criteria for Deductible Travel Example Scenario: John Holland Case Common Traps to Avoid Maximise Your Deductions with Gotax Deduction Grabber App Gotax Advice 1. Introduction FIFO (Fly-In Fly-Out) workers have a unique work
Understanding Child Support Payments and Tax Deductions Contents Introduction Are Child Support Payments Taxable? Can You Claim Child Support as a Tax Deduction? The Rationale Behind Child Support Tax Rules Maximise Your Tax Deductions with Gotax Deduction Grabber App 1. Introduction When it comes to managing your finances and doing your income tax return, understanding th
Clear Up Tax Deduction Misunderstandings Many taxpayers mistakenly believe they will receive full reimbursement for their work-related expenses when they file their tax returns. This misconception can lead to disappointment and confusion. We show you how tax deductions work, correct common misunderstandings, and demonstrate why it’s often more beneficial to have an employer cover work-rel
The world of tax deductions can get tricky. Understanding when a cost becomes a tax deduction is crucial for maximising your tax refund and staying on top of the law. We've put together aguide to help you understand tax deductions, with a little bit of History and a couple of examples thrown in. Contents The Basics of Tax Deductions Historical Context Private vs. Tax-Deductible Ex
Maximise Self-Education Tax Deductions Self-education expenses can be a valuable deduction for taxpayers aiming to improve their skills and knowledge related to their current income-earning activities. According to the ATO’s guidelines, these expenses are generally deductibleto the extent they are incurred in gaining or producing assessable income and are not capital or private in nature.
Medicare Levy Exemptions: What You Need to Know Understanding the Medicare Levy The Medicare Levy is a tax most Australian taxpayers pay to help fund the public healthcare system. It is usually calculated at 2% of your taxable income. However, there are certain exemptions and reductions available that you might be eligible for. Here's what you need to know about Medicare Levy exemptions:
Holiday Homes and My Tax 1. Understanding Income and Deductions When you rent out your holiday home, you must declare the rental income in your tax return. However, you can also claim deductions for expenses directly related to earning that income. Here’s what you need to know: Income: Rental Income: All rent received from your holiday home must be declared as income.
Maximise Car Expense Deductions 2024 Claiming car expenses on your Income Tax return can be tricky. With the 2024 tax season upon us, it’s important to understand what you can and cannot claim to maximise your refundand keep the Tax Man happy.We've knocked together a little guide to help you see if you can claim your car expenses. Understanding Eligible Car Expenses Home t