You have a Tax Bill after you've done your Income Tax Return So, you have gone through and completed your etax return only to discover instead of getting some cash back (tax refund) the buggers at the tax office want to take more from you. Life can be so unfair. You are probably going through your receipts and scratching your head wondering, why. Don’t worry you’re not alone
Need help with HELP HECS Bills? Part TWO In our previous blog, we discussed how a HECS-HELP debt is repaid and the kind of income that is assessed to determine whether you need to repay your HECS-HELP debt. So how much HECS/HELP do you have to pay? The amount you repay each year is a percentage of your repayment income. The percentage increases as your income increases, so the more y
What tax records should I keep? | GotaxWhat Tax Records do I need to keep after my Tax Return is done? As a general rule you need to keep accurate and comprehensive records that validate any and all claims in your tax return. The TaxOffice requires you to keep records for up to five years and to be able to provide evidence if your return is audited. Here are the key types of records you
Foreign Income and your Tax | Tax OnlineWhat you need to know about Foreign Income and your Income Tax Return. Foreign income on your tax return can be a bit complex, but at Gotax wecan help clarify things for you. Here’s what you need to know: Types of foreign income to declare Foreign income already taxed Foreign income not taxed Foreign currency conversion How to decl
What are Labour Hire Summaries | GotaxLearn all about Labour Hire Summaries and your Income Tax Return. What are Labour Hire Summaries? Who Issues Them? Are they prefilled? Do I need to declare them? Labour hire summaries are like Wages Payment Summaries, except these are provided bylabour hire firms. Theydetail the work performed by the workers they have supplied to a business un
Other income | Gotax 2024 Other Income and your Income Tax. What does it mean? Sometimes we receive Income and we can't quite slot in into the ATO's default categories within the Income Tax Return. The Categories that already exist are: Wages, Labour Hire, Eligible Termination Payments, Centrelink Benefits, Annuities and Super Income, Employee Share Schemes, Government Pensions
Food delivery Tax | Online Tax 2024 Tax Deductions for Small Food Delivery Businesses Operating a small food delivery business such as; Door Dash, Uber Eats, Deliveroo, Menulog; generally involves lots of additional expenses. The Tax system allows for certain deductions that can help reduce your taxable income. Here’s an overview of what you can claim. Operating Expenses
Claim 5000km | 2024 Online Gotax Learn about when you can claim your car using the 5000km system Claiming car expenses under the 5,000 km method, also known as the "cents per kilometre" method, can be straight forward if you follow the guidelines and keep accurate records. Process for Claiming Car Expenses Under the 5,000 km Method Determine Eligibility:Ensure tha
Freelancers Tax | Online Tax 2024 Learn aboutTax Deductions for Freelancers As a freelancer, you can claim a variety of tax deductions for expenses that you have incurred in running your business. Here are some of the key deductions you can claim: Home Office Expenses If you use part of your home exclusively for your work, you can claim a portion of your rent, electricity, and intern
ATO Audit Targets 2024 | Gotax Online It's that time of the year where the ATO’s tell us their Key Focus Areas for 2024 The word is out and theyhaveflagged three key areas of focus: Work-Related Expenses: In 2023, over 8 million people claimed a work-related deduction. The ATO has revised the fixed rate method for calculating a working from home deduction. To claim this deducti