Engineers and Income Tax If you are an engineer, then you probably have to spend some hard-earned cash on work stuff. The good news is, you can claim some of these back as incometax deductions on your etax 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
Capital Gains on houses and other assets you own You may have heard the term “Capital Gains Tax” before when discussing the extremely interesting (haha) topic of tax with your friends or family. The following discussion will attempt to give you an idea of what capital gains tax is, when it applies and at what rate it applies. This way you can impress your friends and family w
Are church donations Tax Deductible? Not all donations to a church are tax-deductible. So just because the person you sat next to last Sunday says that you can claim the cash you drop in the donation box, it may not necessarily be the case. Churches are like other charities when working out if you can claim donations made to them. This means that your church needs to be registered as a d
Tax deductions for rental properties Do you own a rental property? Are you battling falling prices and rising interest rates? We are sure that being able to put money back in your pockets would be gladly accepted. A great way to do this is by ensuring you are claiming back all the tax deductions you deserve. Around 70% - 80% of people out there aren’t maximising their investment
Managed funds and my Income Tax When you put your hard earned cash in a managed fund, you are actually buying units in the fund.The fund then puts your money in different investments.The value of these units in the fund go up and down depending on how good the investments are. These investments also generate income (such as interest, dividends etc) and these get paid to you directly or y
Last week we discussed the Golden Rules all first timers should follow… in this blog, we discuss the Lemon Rules… Read on! Lemon Rule #1 Don’t get fooled into thinking that tax deductions are good. Don’t spend the money in the first place if you don’t need to. Creating a tax deduction can suck and here’s why! If I have $100 in my pocket and I n
How does GoTax online work? We have taken our in-office interview process and turned it into an easy to use, fun taxation experience. We have taken all of the big tax words and made the process simple, to ensure you get all the tax deductions you deserve, in what we hope will result in you getting a nice big refund! When you have your tax stuff ready, select your occupation and enter in
Australian Tax Return | Tax DeadlinesWhat are the deadlines for doing your Income Tax Returns Each year you can lodge your previous financial years tax return from 1 July until 31 October. Registering and lodging with a Tax Agent, like GoTax Online, will grant you an extension past October 31st, this is usually the 15th May each year unless advised otherwise by the Tax Office. Whether
What is the tax free threshold? Did you know, if you’re an Australian Resident the first $18,200 of your income is tax free? This is better known in the ‘tax world’ as a tax-free threshold and reduces the amount of tax you have withheld from your wages during the year. When you start your new job, your boss will give you what is called a Tax File Number Declaration to c
How does GoTax Online's process work? We have done a lot of talking in our previous blogs about GoTax Online’s epic etax system, including how you can claim tax deductions specific to your occupation and how we are directly linked to the tax office to make sure there are no surprises. But how does it all work? Let us take you through a step by step process: Step One Sele