Will I get a bigger refund if I salary sacrifice? The short answer to this is NO. The long answer is NO too. But there are tax savings to be had.
When you salary sacrifice something from your wages (such as super) you use pre-tax dollars. This means that you are saving tax during the year when you get paid, rather than getting a bigger refund when you lodge your e-tax return.
In our previous blog, we discussed the kind of things you would need to report on your etax return and whether your tax return is likely to be positively or negatively geared... but what does that meanand how does it affect your etax return?
If your rental property is positively geared, then the amount it is positive by is added to your other income. Tax is then payable on this at your ordi
So, you are travelling along nicely and are looking for a place to invest some of your extra cash and to save some tax. You have probably heard that by having a rental property you can pay less tax. The term ‘negative gearing’ may have also come up. Have you heard this phrase and ever wondered what it means? Have you thought about a rental property and wanted to know how it would impac
If you sell your products or services online, you will need to know if you are a hobby or a business for tax purposes.
If your activity is a hobby, then it won’t affect your tax return.
As a business you will need to tell us your income and expenses from the business which may affect your tax refund.
You are most likely running a business if the following are true
Its pretty important to understand the difference between a hobby and a business because, if it is a business, you must include it in your income tax return, and it may affect your tax refund.
It is most likely a business if the following are true
You decided to start a business, registered a business name and obtained an ABN
You intend to make a profit in the long term
Well, Yes and No, it all depends on your circumstances.
Money going into Super
In simple terms, the money that your employer pays into super on your behalf as superannuation guarantee or salary sacrificed amounts, is taxed at 15% when it is put into the fund. This is called a concessional contribution.
Don’t worry, the super fund pays it for you, so you don’t have to put y
If you are a personal trainer, then no doubt you need to spend a bit to help get your clients into tip-top shape.
The good news is, you can claim some of these back as tax deductions in your tax return.
Now don’t get too excited – first, you need to remember the ATO’s 3 golden rules:
You must have spent the money yourself, and not been given the money back from yo
Amid the W.H.O officially declaring a global pandemic the Australian Government has released the details of the stimulus package that has been put in place to prevent a recession.
The stimulus package winners are:
$750 Cash payments
Those receiving government benefits including those on Newstart, the Disability Support Pensions, Carers’ Allowance, Youth Allowance, Veterans suppo
You can claim a tax deduction for the cost of buying and cleaning occupation-specific clothing, protective clothing, and unique, distinctive uniforms.
You need to keep receipts for the purchase, and diary records or written evidence of the cleaning costs to be able to make a claim.
We list the Uniforms & Laundry you can claim below.
Occupation specific clothing includes items spec
If you work in the real estate industry, then you probably spend quite a bit trying to sell people ‘the great Australian dream’.
So if this sounds like then you may be able to claim these costs as a deduction in your etax return. Below is a list of the common tax deductions a real estate worker can claim:
Car expenses for work – If you use your car traveling to hous