Record Keeping | 2023 Gotax What Record Keeping do I need for my 2023 Income Tax Return? When it comes to taxes, keeping accurate records is super important. The Australian Taxation Office requires you to have a receipt or similar document for most expenses. This means that you need to keep track of things like the name of the supplier, the amount you spent, what you bought, and when you b
Tax aspects of Managed Funds| 2023 Gotax What are Managed Funds and their Tax Return Impact Managed funds are a type of investment where your money is pooled together with other investors’ money to buy a portfolio of assets, such as shares, property, or fixed interest. The fund is managed by a professional fund manager who makes investment decisions on behalf of the investors. Man
Tax and Rental Interest | 2023 Gotax Refinincing Rental Property Loans can impact your Tax Deductions When it comes to rental properties and the tax deductibility of interest and finance expenses within the context of refinancing the rental property, there are some misconceptions on the deductibility of the interest. The key factor in determining whether the interest expense incurred on a
Labour hire summaries | 2023 GotaxWhat are Labour Hire summaries and how they effect your Income Tax Return Labour Hire summaries are documents that provide details of amounts withheld from payments made under a labour-hire arrangement. These summaries are issued by the labour-hire agency, which is responsible for payment and other employee entitlements. Labour Hire is a popular form of empl
Vehicle allowance | 2023 Gotax Is my motor vehicle allowance taxable? Yes it sure is. Like all things income your motor vehicle allowance is a payment made by an employer to an employee to cover the costs of using their own car for work-related purposes. This allowance is considered taxable income and must be included on your tax return. However, you may be able to claim a tax deduction fo
Withholding Taxes | 2023 GotaxCan I claim the tax that was withheld on my savings accounts? Yes, you can claim the withholding tax on your interest savings. This occurs as a result of NOT providing your Tax File Number to the bank your institutions that are holding your deposits. Let's see how all this withholding tax works. Let’s say you are an Australian resident and you have a
Medicare Levy vs. Surcharge | 2023 Gotax Medicare Levy vs. Surcharge what sucks From the get-goevery reader needs to understand that you will pay Medicareevery time you get your weekly pay cheque.It's a simple 2% tax of your total taxable income, so if you earn $50,000 for the year, your contribution to Austrla's medical fund will be 2% of $50,000, which is $1000.So when you need surgery,
Claiming clothing | 2023 GotaxHow much clothing can I claim without receipts? Yes, you can claim a deduction of $150 for work-related uniforms and protective gearings such as the costs of buying branded uniforms, protective gear i.e. steel-cap boots and high-visibility clothing without receipts. This means that if you have spent money on work-related clothing and protective gear, you can claim
Claiming Shoes on Tax Can i claim my shoes on my Tax Shoes, socks and stockings are generally not deductible and are considered every day wear. In limited circumstances, you can claim a deduction for shoes, socks and stockings if they are an essential part of a distinctive compulsory uniform.Their color, style, and type must be specified in your employer’s uniform policy. Shoes Tips
Claiming Transport Costs | 2023 GotaxCan I claim my Transport Costs on my Tax Return? Yes, you can claim a tax deduction for transport expenses if the expenses are work-related. You can claim for trips between workplaces or to perform your work duties. However, you can’t claim for trips between your home and place of work, except in limited circumstances. You must have spent the money you