Records You Need to Keep: Supporting Your Tax Return Claims Keeping accurate records is essential for supporting the claims you make on your tax return. Good record-keeping ensures you can substantiate your deductions and income if the Tax Office ever asks for proof. Let’s look into the types of records you need to maintain the Gotax way. Why Keep Records? Records are your backu
Sun Protection Expenses: Shielding You from UV and Tax Woes Alright, sun warriors, let’s dive into the bright and sunny world of tax deductions for sun protection expenses. Because who knew staying sun-safe could also be wallet-friendly? What Counts as a Sun Protection Expense? Sunscreen:Your armor against the fiery ball in the sky. Slather it on and save those receipts!
Self-Employed & the Small Business Schedule: The Ultimate Guide If you’re a sole trader, freelancer, tradie, or running your own side hustle, this is your one-stop shop for nailing your tax return—especially the Small Business Schedule (SBS). No jargon, no waffle, just what you need to know. from Gotax. What is the Small Business Schedule (SBS)? The SBS is a section
Tax Returns 2025 – Your Ultimate Guide to Maximise Refunds Introduction – Tax Time Doesn’t Have to Be Painful It’s that time again — tax season in Australia. The ATO is sharpening its pencils, etax is whispering boring bedtime stories, and your refund is waiting to be claimed. But here’s the thing: 2025 brings new rules, new traps, and new opportunities
Child Support & Tax – No-Fluff Guide Is Child Support Taxable? If you receive child support: It’s not taxable income Don’t include it in your tax return If you pay child support: It’s not tax-deductible You can’t claim it as a deduction in your tax return How Does Child Support Affect Tax & Bene
Children’s Details & Tax – What You Need to Know Why does the ATO or Centrelink want your children’s details? Because your little legends can impact your: Family Tax Benefit (FTB) eligibility Tax offsets and rebates Medicare Levy Surcharge (MLS) threshold — the more dependants, the higher your threshold Child support assessments
Medicare Levy Reduction & Exemption – A No-Jargon Guide What’s the Medicare Levy? It’s a 2% tax on your taxable income that helps fund Australia’s public health system (Medicare). But not everyone has to pay the full amount — some pay less or nothing at all. Medicare Levy Reduction Who gets the reduction? You might pay a reduced levy or no lev
Zone or Overseas Forces Tax Offset – What You Can Claim What Are These Offsets? These offsets give you a little tax relief if you: Live or work in remote areas of Australia (Zone Offset) Serve overseas in the Australian Defence Force or a UN force (Overseas Forces Offset) You can only claim one — whichever gives you the bigger bang for your tax buck.
Spouse Details & Tax – Why the ATO and Centrelink Care Why do you need to provide spouse details? Because your partner’s info helps: Determine if you’re eligible for family payments, tax offsets, and rebates Set your Medicare Levy Surcharge (MLS) threshold Calculate your Private Health Insurance Rebate Work out your Family Tax Benefit (F
Rental Interest Deductions | Online Tax Can I deduct the Interest on my Rental Property? Yes you can deduct any interest from your rental property income. Interest on property loans is the big ticket item when investing in rental properties. Ifyou take out a loan to purchase a rental property, you can claim a deduction for the interest charged on the loan or a portion of the interest w