Tax Deadline | 2023 GotaxThe Deadline to get your tax done is just around the corner Tax Deadline The usual ATO scare campaign always unfolds around this time of the year so take notice.... your Income Tax Return is due by the 31st October. And this year that's a Tuesday. Gotax, anywhere, anytime So if you're one of the millions that haven't filed their returns yet the it's time to hop
Understanding Depreciation | 2023 GotaxLearn the fundamentals of Depreciation and your Income Tax Depreciation is a term you might have come across when dealing with assets. But what does it mean in the context of the 2023 Australian Income Tax legislation for individual taxpayers? Depreciation refers to the decline in value of an asset over time due to wear and tear, age, or obsolesce
Tech Tax Incentives | 2023 Gotax 20% Tax Incntives to help with technology for Small Business The new technology investment incentive offers small businesses an extra 20% deduction on tech-related expenses that aid their digital operations. This broad measure covers various business costs and assets, but it might leave some wondering what they can claim. Eligibility can be determined by
Claim watches | 2023 GotaxCan I claim my watch as a tax deduction? According to the Australian Taxation Office (ATO), you generally can’t claim a deduction for the cost of buying or maintaining watches or timepieces, even if you require one as part of your job. This is considered a private expense. However, there are some exceptions to this rule. If your watch has special characteri
Can i claim my pants | 2023 GotaxCan I claim my work pants? According to the Australian Taxation Office (ATO), you can’t claim a deduction for the cost of purchasing or cleaning clothes you bought to wear for work that are not specific to your occupation, such as black trousers and a white shirt, or a suit, even if your employer says this is compulsory. This is because the ATO deems
Crypto Scams | 2023 Gotax Can you deduct the losses from Crypto Scams? The short answer is NO, but there is also a Yes. According to the Australian Taxation Office, it is unlikely that the loss from a scam can be claimed as a tax deduction on your income tax return. So it will not be tax deductible. However, as it falls directly outside the scope of a "deduction" you may, nonetheless
Common Tax Deductions | 2023 Gotax The common tax deductions most of us claim - an Overview. As a general rule, if you spend money that is neccessited by undertaking your job role then yeas those expenses may be tax deductible. As long as they are not private in nature. Cars, transport and travel: Deductions for car, transport and travel expenses you incur in the course of your work.
More than one job | 2023 GotaxIf you have more than one job, be careful claiming the tax free Threshold. The Tax-Free Threshold is the amount of income that an individual can earn in a financial year before being subject to income tax. This threshold is currently set at $18,200. This means that if you are an Australian resident for tax purposes, you will not have to pay tax on the first $18
Gym memberships | 2023 Gotax Can I claiming Gym Membership on my Tax? You can, but in very, very, very limited circumstances. When it comes to tax deductions, many people wonder if they can claim the expenses associated with their gym membership as a deduction. According to the Australian Tax Office, gym fees and other fitness expenses are considered private expenses and are not deducti
Qantas Club Fees | 2023 GotaxCan I Claim my Membership to the Qantas Club? Yes, in certain situations you can claim your membership to the Qantas Club as a tax deduction. When it comes to tax deductions, business travelers often wonder if they can claim the expenses associated with their Qantas Club membership as a deduction. According to the Australian Tax Office, paid membership to a