Claiming Travel costs | 2023 GotaxCan I claim travel costs on my tax Yes, you can claim travel expenses if you travel and stay away from your home overnight in the course of performing your employment duties.Expenses you can claim include airfares, transport expenses, car hire fees, accommodation, and meals if you are away overnight. Receiving a travel allowance from your employer does not a
Quantity surveyor | 2023 Gotax Do you need a quantity Surveyor for your rental property Do you need a quantity surveyor for your rental property?, the answer is generally yes. They will provide you with an extensive list of all the things you can claim. As a property investor, you’re probably aware that tax depreciation can be a valuable tool for reducing your taxable income and i
Laundry Actual Cost | 2023 Gotax Can you claim laundry on your tax? Can I claim amy laundry on my tax?, the answer is YES. But you'll need to make sure you qualify, not all your work clothes will qualify. Using the Tax Office rates to claim my laundry To claim laundry expenses on your tax return, you need to keep a diary of the number of loads you washed during the year if you did th
Mobile tax deductions | 2023 GotaxCan you get a tax deduction on your work phone costs? Can I claim my phone as a tax deduction?, the answer is yes. But it must be genuine usage connected to your work activities. Here's some more riveting insight into how your telephone expenses might fare in the tax game. As always, this is a general guide, not an official ruling and serves as to whether yo
Traps for Dividends | 2023 GotaxBe aware of this Dividend Trap The dividend trap to watch out for is the holding period rule. This rule requires you to continuously hold shares ‘at risk’ for at least 45 days (90 days for certain preference shares) in order to be eligible for the franking tax offset. If you sell your shares or enter into an arrangement to reduce your risk of makin
Interest expenses | 2023 Gotax All you need to know about Interest expenses and your rental Property When it comes to claiming a tax deduction for interest on loans used to purchase a rental property or to finance renovations or repairs, the property must be rented or genuinely available for rent in the income year you are claiming a deduction for the interest expenses. This means that if
The top 15 rental property deductions people ask about within the context of the Australian Taxation system: Interest on loans: You can claim a deduction for the interest charged on a loan used to purchase a rental property, or to finance renovations or repairs. The property must be rented or genuinely available for rent in the income year you are claiming a deduction for the interest
Dividends made easy | 2023 Gotax Dividends & Franking Credits Explained Dividends are payments made by a company to its shareholders, usually in the form of cash or additional shares. In the Australian taxation system, dividends paid to shareholders by Australian resident companies are taxed under a system known as ‘imputation. This means that the tax paid by the company is alloc
Does the ATO cross check my Income? The ATO cross-checks with third parties (e.g. Centrelink and Child Support) to ensure the information provided on your tax return or to the third parties is true and correct. If the ATO notice any discrepancies with your return they may contact you to confirm, this may result in a delay while processing your tax return. Another thing to be aware of
How do i watch out for Tax Scams? The ATO has recently reported that a crafty new scam is catching out innocent taxpayers across the country. The scammers are initiating three-way conversations between themselves, the victim's and a second scammer impersonating the victim's tax agent. An example of this included a recent situation where a taxpayer received a voicemail threatening fiv