2021 Tax: Is JobKeeper Taxable?The simple answer is, yes. JobKeeper was introduced by the Government to alleviate the financial strain on businesses during the COVID-19 pandemic. These JobKeeper payments are essentially a wage replacement, and just like your normal wages, you need to be taxed on these payments. For Employees, nothing would have changed for you, it’s just like your n
Protecting Yourself from Tax ScammersWith scammers continuously developing new scams, it’s important that you know how to protect yourself from becoming one of their victims. The ATO have provided 5 tips on how to protect yourself: Tip 1: Know your tax affairs – you can contact us to confirm whether you have any outstanding lodgement obligations, tax debts or tax refunds T
IT Workers, Boost your Tax Refund!IT Workers, your job is hard enough without having to worry about what you can claim on your tax return. So we have made your life a little easier by listing the common tax deductions you can claim on your tax return (with Gotax Online of course!). So if you have to buy computer stuff for work then youcan claim these back as a deduction in your etax ret
Early Tax ReturnsDon’t make the mistake of trying to lodge your Income Tax Return too early. This year will be the first time you won’t be getting a “Payment Summary”, why’s that you may ask?, (or not). In a valid attempt to make the business world paperless, all your payroll data is now downloaded into the myGov systems electronically. What does this mean f
Do I have to lodge a tax return?Nobody likes to do their tax return, not even us bean counters, but for most of us it is the law that forces us to do so. Besides, the ATO needs to know what you have earned so they can send you your tax refund (if applicable). We here at Gotax, make it simple, easy and sometimes a little bit of fun, to put in the dreaded tax return and get you the maximum ta
Stimulus Package & Tax EffectsAmid 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’ Allowanc
Income for Medicare Levy Surcharge Income for surcharge purposes is used to work out if you have exceeded the Medicare levy surcharge threshold that applies to you. This is done to find out: if you are entitled to the private health insurance rebate if you do not hold an appropriate level of private health insurance, how much, if any, of the Medicare levy surcharge to pay.
This really isn’t a silly question; we get asked this often – so what’s the answer? If you are required to work out in the sun, then the cost of purchasing a hat to protect you from the sun can be claimed. You cannot claim it if you employer has reimbursed you for the cost or provided it for you. You will need to keep proof of purchase (receipt) if the total of all y
Tax Tips for Beginner Uber DriversIf you sign up and become an Uber driver you automatically have started a small business which means you now have tax and record keeping obligations. You will need to have an ABN, be registered for GST (the usual $75,000 turnover threshold does not apply to ride share drivers) and lastly you need to do a quarterly BAS (Business Activity Statement) which rep
Hobby or Business Tax Return? 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