OMG Do I have to pay tax when I sell me house? So, you have seen everyone selling their homes for record prices and making a bucket load and thought I need to get my piece. You hopefully have also done well and sold the house for more than you paid for it. If you are now thinking, how much will the taxation office want from me, then you are in the right place. If the house you sold was w
Contractor Tax Deductions So, you’ve been working hard as a Contractor and now it is tax time and you want to claim as many tax deductions as you can to reduce any tax bills. As with anything to do with tax this can be confusing and knowing what you can and can’t claim can send you crazy. Read on as we attempt to clear this tax minefield for you. As with working as an employe
On a normal work day, the answer to this one is a big NO. The ATO says that your lunch is a private expense. If, however, you are travelling away from home overnight for work (and you employer doesn’t reimburse you) then you can claim the cost of the meal. If your employer pays you an allowance to cover this meal, the allowance will be included as income on your tax return, and
Are you eligible for the zone rebate? If you live or work in a remote or isolated area of Australia, you may be able to claim a tax offset called the zone rebate. This offset can reduce your tax payable and increase your refund. But how do you know if you are eligible for the zone rebate and how much can you claim? The zone rebate is based on your usual place of residence, not your work loca
Gifts tax deduction | 2023 GotaxGiving gifts is a really good way to say thankyou to the universe that can benefit your clients, colleagues, friends, and family. And some of those gifts can also be tax deductible? You can claim a tax deduction for gifts or donations to organisations that have the status of a deductible gift recipient (DGR). A DGR is an organisation or fund that is registere
How to Claim Your Laptop as a Tax Deduction If you use your laptop for work purposes then that work usage is tax deductible. What are the requirements? You can claim a computer, laptop or tablet as a tax deduction if it is used for "work". Note that you can only claim the work-related portion of the expense. So how do we do that? The proof required will be a diary of usage. If the laptop
What is Depreciation and How to Claim It Do you own or use assets for your work or business, such as a car, a computer or a machine? If yes, you may be able to claim a tax deduction for the decline in value of these assets over time. This deduction is called depreciation and it can help you reduce your taxable income and increase your tax return. What is depreciation? Depreciation is the
Depreciation and your tax | 2023 GotaxHi, thank you for your question. I have written a 300-word article on what is depreciation and how to claim it. I have also provided an example of depreciation calculation. I have also written a 40-character H1 header and a 160-character meta description that are engaging and will rank well with Bing and Google. Here is the result: # What is Depreciation an
The Quickest Tax Return in the Country. Fast, Easy and only $15 Get your tax return done in the most fastest and most easiest way possible. Do you have limited deductions to claim and just want to get your refund quickly? If yes, then the quick tax return from GoTax is the perfect option for you. What is the quick tax return? The quick tax return is an online tax service that allows you t
How to Save Tax by Prepaying Interest on Your Investments If you're looking for a smart way to reduce your taxable income and increase your cash flow? If you have borrowed money for investment purposes, such as buying a rental property or building an investment portfolio, you may be able to prepay your interest costs for the next year and claim them as a tax deduction in the current year. This