Online Hobby or Business Tax ReturnsIf 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 t
Private Health Insurance Rebate & TaxYou have probably heard about the private health insurance rebate but have no idea how it all works. Don't worry, you are not the only person. Most people currently receive a rebate from the government to help cover the cost of their premiums. You probably receive your rebate in the form of paying lower premiums each month (ie: your monthly payments
Rideshare - Your Tax Return ObligationsBy signing up to become an Uber driver you will have started a small business and therefore have tax and recordkeeping obligations you must meet. First of all, you need to get an ABN, must be registered for GST (the usual $75,000 turnover threshold doesn’t apply for taxi services) and do quarterly Business Activity Statements (BAS’s) to r
Your adjusted taxable income (ATI) affects your entitlement to certain tax offsets. Generally, your ATI is the sum of the following amounts: taxable income (your assessable income minus deductions) adjusted fringe benefits total, which is the sum of: reportable fringe benefits amounts received from employers that are exempt from fringe benefits tax, multiplied b
Where is my Tax Refund?"Where is my Tax Refund?" The question that we hear most during peal tax season. This is where your tax refund may be... From the date of lodging your Electronic Tax Return (etax return), it can take up to 12 days for the ATO to process your tax return and release your tax refund. During peak periods (July to October) and holiday periods (Christmas & Easter), t
Factory Workers Tax DeductionsDo you work hard all day in a factory and have to spend money on things for work? Well,hopefully, the things you had to buy for workare on the list of tax deductions you can claim below: Licences and certificates The cost of your on-going work-related licences and certificates e.g.a forklift licence. Union fees Whether you pay your fees in one amount, or
Tax News you NEED to know!Here’s the latest tax news that everyone needs to know before they lodge their 2020 Tax Return. Feel free to share with your Friends & Family. JobSeeker & JobKeeper Payments are TAXABLE If you have applied for either payments, it’s important to note that they are taxable! So, if you think your income between 1 July 2019 – 30 June 202
Rebate income is made up of the total of all the following details from your tax return. Taxable income (if a loss then zero) Reportable employer superannuation contributions (total of RESC from your payment summary’s) Deductible personal superannuation contributions (The deduction you claimed for extra personal super contributions – not salary sacrificed)
A Little Tax AlertA “little” Alert for your 2020 Tax Returns It’s been a big year for natural and man-made disasters that may have impacted your work life. So what does that mean for you, your tax return and your tax deductions? Well it means the evil eyes of the tax office will be looking a little closer at those work-related tax deductions you’ll be claiming in your
Are Centrelink benefits taxable income?It's important to note that if you are receiving Centrelink payments, that they may be TAXABLE. This means, you need to pay tax on the payments and if you don't pay tax or have tax withheld during the year, you may end up with a tax bill. We discuss this further below... Many Centrelink payments are considered taxable income, although most of the time