How to Claim Donations as a Tax Deduction If you are feeling generous and want to support a good cause, thendonatingto a charity or a community organisation is never a bad option. And if it's a recognised charitable institution, then you'll also pick up a tax deduction for it. Tax deductions for donations are available if they meet a certain criteria: - They are made to an organisation th
When are sunglasses a tax deduction? If you work outdoors in Australia, you know how important it is to protect your eyes from the sun. But did you know that you may be able to claim your sunglasses as a tax deduction? Who can claim sunglasses as a tax deduction? The Australian Taxation Office (ATO) allows you to claim sun protection expenses if you work outside and your eyes are exposed
How to Save Money on Your Tax Agent Fees If you use a registered tax agent, like Gotax, to do your tax return, you should be aware that their fees are tax deductible. That means you'll get money back by claiming the fees as a tax deduction. The tax system specifically allows these costs to be tax deductible as Tax agent fees are part of the cost of managing your tax affairs. The legislation
Attention all Tax Virgins!! The ATO has issued a warning to millions of Australians that will be lodging their first ever tax return this year. The ATO said it had seen an increase in scams involving fake tax file number (TFN) applications. These scammers are telling people they can help them get a TFN for a fee but instead of delivering this service, these fraudulent websites steal t
How do I know I have a tax deduction? If you can say"YES" to all of the below, then in most cases you can claim the expense as an etax income tax deduction on your onine tax return. • Did you spend money that is connected to your job, that is connected to earning your income? • Do you have a proper receipt or evidence for what you spent on your tax deduction? • Did you pay for
If you are not eligible for Medicare benefits in Australia, for a variety of reasons, you may be exempt from paying the Medicare levy or you may be eligible for a Medicare levy reduction. A Medicare levy reduction is based on your taxable income. A Medicare levy exemption isbasedon specific categories. You need to consideryour eligibility for a reduction or an exemption separately. If yo
Reportable Fringe Benefits and your Income Tax Return RFBA, another abbreviation for you! Reportable Fringe Benefits Amounts are reported on your Income Statement if you have been provided a benefit by your boss or your work lets you salary package. These types of benefits include use of a company car, salary packaging a car, use of a corporate box at the footy (entertainment), or your b
Find out about claiming Superannuation Contributions In short, the answer is yes, you can claim a deduction on your personal super contributions. However, let’s dive in a little deeper so we can understand this better. Tax-deductible super contributions are contributions you make from your after-tax income for which you claim a tax deduction. This income may be from a variety of so
What can I claim with Covid 19 costs? If you had to spend some of your hard-earned money on buying RAT tests so you could keep working during Covid you can claim these costs in your income tax return. This goes for cleaning supplies, masks and sanitiser too. All those can be tax deductible. So at least there is something good to get out of spending your own cash to shove something so far up
Tax Tips from mates | Tax deductionsMy Mate claims this, why can't I? Listening to non-tax consultants and relying on urban myths to determine what is tax deductible can lead to costly misconceptions and potential legal troubles. The realm of tax deductions is complex and subject to specific rules and regulations, making it crucial to seek advice from qualified professionals. Here are some comm