How do i protect myself from Identity Crime? During tax time there is an increase in tax scams thattake advantage of innocent taxpayers, some of thereported scams includescammers impersonating the ATO and Tax Agents, where they attempt to con thousands of dollars out of their victim’s. Fortunately, there are a few different ways that you can prevent being one of the scammer's victims.
What to watch for in claiming donations on your income tax If you have done some good and chucked a few dollars into a charity tin or donated hundreds of dollars to a charity, then you may be able to claim it back on your tax return as a deduction. But wait…. Before you go and enter that donation into your tax return there are a few things to be aware of: For your tax
Tax Record Keeping Tips - PART THREE It’s okay to be vintage and do things the ‘old fashioned’ way. Some people are computer people, some people are paper people. Whatever type of person you are, there is a record-keeping option out there for you… Super Awesome Tip #5– E-Mail? What is E-Mail? Okay, so you are still living in the cave man era &n
What Tax Records do I need to keep? We’re sure the prospect of getting some of your hard-earned money back in your pocket after reading our tax deductions blog must be very exciting… but you must be able to prove how you spent the money and how you worked out your tax claims. If you’re claiming over $300 in tax expenses, you’ll need to keep written evidence for everyth
Do I pay Tax on my Super?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
Bigger Tax Refund if I Salary Sacrifice?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
Medicare sucks, this is why we all need to pay The Medicare levy is an additional 2% on top of your taxable income, this helps partially fund Medicare to provide Australian residents access to health care. In some cases, you may be entitled to a Medicare reduction or exemption, if you were on a low income, you may be entitled to a Medicare reduction which reduces the rate of Medicare that yo
What Tax Deductions can Mechanics Claim?If you are a mechanic, then no doubt you have spent a small fortune on tools and other stuff needed for work. 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, a
Do you have a HECS/HELP debt? Have you ever wondered how the ATO works out how to calculate how much HECS/HELP you need to pay? They don't just take into consideration your Taxable Income, there are a few other things they look at... The Higher Education Loan Program (HELP), Student Start-up Loan (SSL), ABSTUDY Student Start-up Loan (ABSTUDY SSL),Trade Support Loan (TSL) and Student Financi
Tax Deductions for Your Rental PropertyIf you own a rental property, you may find that the bills start to add up. The good news is you can claim tax deductions for your rental property to decrease your taxable income which in turn decreases how much tax you have to pay. For some lucky investment property owners, that may result in a tax refund, for others it may mean a bill, but at Gotax, w