In our previous blog, we discussed the kind of things you would need to report on your etax return and whether your tax return is likely to be positively or negatively geared... but what does that meanand how does it affect your etax return?
If your rental property is positively geared, then the amount it is positive by is added to your other income. Tax is then payable on this at your ordi
Taxation and Rental Properties
So, you are travelling along nicely and are looking for a place to invest some of your extra cash and to save some tax. You have probably heard that by having a rental property you can pay less tax. The term ‘negative gearing’ may have also come up. Have you heard this phrase and ever wondered what it means? Have you thought about a rental property and
If you sell your products or services online, you will need to know if you are a hobby or a business for tax purposes.
If your activity is a hobby, then it won’t affect your tax return.
As a business you will need to tell us your income and expenses from the business which may affect your tax refund.
You are most likely running a business if the following are true
Its pretty important to understand the difference between a hobby and a business because, if it is a business, you must include it in your income tax return, and it may affect your tax refund.
It is most likely a business if the following are true
You decided to start a business, registered a business name and obtained an ABN
You intend to make a profit in the long term
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 don’t have to put y
If you are a personal trainer, then no doubt you need to spend a bit to help get your clients into tip-top shape.
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, and not been given the money back from yo
Amid the W.H.O officially declaring a global pandemic the Australian Government has released the details of the stimulus package that has been put in place to prevent a recession.
The stimulus package winners are:
$750 Cash payments
Those receiving government benefits including those on Newstart, the Disability Support Pensions, Carers’ Allowance, Youth Allowance, Veterans suppo
Claiming Uniforms on your Tax Return - what to watch for
You can claim a tax deduction for the cost of buying and cleaning occupation-specific clothing, protective clothing, and unique, distinctive uniforms.
You need to keep receipts for the purchase, and diary records or written evidence of the cleaning costs to be able to make a claim.
We list the Uniforms & Laundry you can claim be
Real Tax Returns for Real Estate Agents
.... yes we know it's corny....
If you work in the real estate industry, then you probably spend quite a bit trying to sell people ‘the great Australian dream’.
So if this sounds like you, then you may be able to claim these costs as a tax deduction in your etax return. Below is a list of the common income tax deductions a real estat
When you rent out part of your home, (not to friends or relatives) either privately or using a sharing platform like Air BNB, you need to declare all the income and may be able to claim a deduction for expenses relating to it.
In order for us to work out what part of the costs belong to renting and which part belongs to your personal use, we need you to supply the following details.