Capital Gains Tax and Income Tax, what's the difference? Income tax is a tax on your income, wages, and earnings. It is calculated based on your taxable income and is paid on the money you earn from your job or business. The Australian Taxation Office (ATO) is responsible for administering the income tax system in Australia. The amount of income tax you pay depends on your taxable income, wh
Trying to crack how to use a car log book? Well, this is how to useand calculate the business percentage of a motor vehicle using a logbook for Australian Income Tax purposes: A logbook is a record of your car trips that shows the purpose, date, odometer readings and kilometres travelled for each journey.You need to keep a logbook for at least 12 continuous weeks during the income year to
Do People on Centrelink do a tax return? If you get a taxable Centrelink payment, you may need to lodge a tax return at the end of the tax year. Generally speaking, you have until the 31st of October to do this. You can use the myGov website (very confusing) or use reputable tax agents such as gotax.com.au. A Centrelink payment summary will issue for many of the benefits Centrelink provides.
Doing business through online platforms or social media? The Australian Taxation Office (ATO) is warning Australians about the need to declare income from side businesses or freelance work during tax time. As more people take on additional jobs to meet the rising cost of living, it's crucial to understand the tax implications and fulfill the necessary obligations. The ATO employs advanced da
How to File a Tax Return Filing a tax return in Australia can be done online or on paper. Here are the steps to file your tax return online: You can lodge directly with the Australian Taxation Office (ATO). Just remember that the ATO is a government body designed to collect tax. You can also go online with someone like Gotax. Gotax takes the complexity out of doing your tax return and pro
What can Truckies claim on their Income Tax? If you are a truckie and need to travel overnight, or for days on end, the work-related expenses can really add up. The good news is that you can claim some of these expenses back on your Gotax Online etax return and you can do it while on the road! A few things to remember before making any claims are: You need to keep a record of what you
Lodge yourAustralian Income Tax Return Looking to lodge a tax return in Australia. Even without intimate knowledge of the Income Tax Act you can achieve a compliant tax return by using the Gotax Online website. The Gotax online website will guide you through all the tricky bits and before you know it, your tax return is done and dusted. Gotax online are registered tax agents. Firstly, y
Are Magazines a tax deduction? The answer to this is obviously the type of magazines you are buying,why you are buying them and the relevance to your occupation. If you've spent money subscribing to journals, periodicals or magazines who's content is specifically related to your job then yep, it's tax deductible. Note that is must be specific and not general in nature. For instance gettin
Are fees paid to my Tax Agent Deductible? Well isn't this GREAT news. Any fees paid to us (Gotax) are tax deductible, woo hoo. And what's even better is that the more you pay us the greater the tax deduction. So using that logic we should be charging more to give you a greater tax deductiblebenefit. Well it doesn't quite work like that as you need to look at the tax effect of the tax dedu
Travelling from Home to WorkAnd from Work to Home These are long established principals that have well been established through the Courts throughout the years. It's not a grey issue but rather a concreted black and white outcome for any tax claim in this area. Back to Tax Basics The basis of any tax deduction is that their needs to be an expense that you very necessarily had to incur