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The Etax Blog: Tax Tips for Australians

  • Claiming Self Education Expenses as Tax Deductions

    If you are studying to advance your current career, you can get big tax breaksself education with Etax for the cost of your studies!  Please read on or send this post to someone you know who is studying.

    What are Self-Education Expenses?

    Self-Education Expenses include courses provided by a school, college, university or other training providers. To be eligible for a tax deduction, you must take this course to gain a formal qualification in your current profession, business or trade.

  • Claim Your Car Expenses without a Logbook

    Have you used your car for work this year, but forgot car expenses no logbook blog post imageto keep a logbook? Don’t stress!  You may still be able to claim work-related car expenses on this year’s tax return.

    How does it work?

    You can use the one third of expenses method. This method allows you to claim one-third of each expense you incur throughout the year.

    You are entitled to claim any expense you incur if it is classified as work related. I.e. used for work purposes to earn an income. You must keep written evidence for all of your expenses except fuel and oil which we can work out for you based on your odometer records.

  • Making Money with your Super

    how to make money with your super

    Ever wonder about how you can better prepare yourself for retirement? If you earn less than $46,920, then you may be able to take advantage of the Federal Government’s superannuation co-contribution scheme and give your super a nice boost with very little sacrifice!

    What is it?

    The superannuation co-contribution scheme means that on top of your employer putting a percentage of your income into your super fund, you can also add a little extra. And, the best part is this: The government will pay you $0.50 for every dollar you contribute up to a maximum of $500 per year!

  • Have a HELP Debt? Don't expect a balance or repayment statement from the ATO...

    Last Wednesday (03 April 2013), the ATO no longer issuing HELP statementsAustralian Tax Office (ATO) announced they will no longer issue an annual statement for Australians with a HELP or Financial Supplement debt.

    Apart from making it harder to keep track of your outstanding government debts, these changes make it harder for you to estimate your expected compulsory repayment amount on your tax return.

    Fortunately, there are still a couple of ways to get an updated balance on your HELP account…

  • Overseas Forces Tax Exemptions – Do They Apply To Me?

    Are you a member of the Australian Defence 
    overseas forces tax exemptionForce who served overseas during the past tax year? If your deployment meets certain criteria then you may qualify for a tax emption on the income you earned while deployed. 

    In this post we’ll discuss the two overseas forces tax exemptions available to overseas forces and how to work out which, if any, you may have already received.

  • Overseas Forces Tax Offsets: Are you claiming yours?

    One question asked frequently by people working overseas forces tax offsetsin the Australian Defence Force is whether they are eligible to receive an overseas forces tax offsets when lodging their individual tax return. 

    Australians working on military deployments in remote locations can get valuable tax advantages if their tax returns are done correctly.

    In short, you may be able to claim an overseas forces tax offset if...

  • Zone Tax Offset: Do you live or work in a remote area?

    The zone tax offset is a tax concession zone tax offsetsoffered by the Australian Tax Office for people who live and work in remote areas of Australia. This tax offset can provide significant tax savings to those eligible Australian taxpayers. 

    How can I claim the Zone Tax Offset?

    If you live or work in a remote area which is defined as either Zone A or Zone B, then you may be entitled to claim the zone tax offset...

  • Do you receive the Government Aged Pension? You may still need to lodge a tax return.

    aged-pension

    Many Australians on the aged pension are unsure about their taxes. Common questions from pensioners include…

    • Do pensioners need to lodge a tax return in 2013? 
    • What should I declare to the ATO? 

    In this post we’ll discuss the different circumstances where you may (or may not) need to lodge a tax return this year.

  • Tax Information for People Affected by Natural Disasters (2013 Floods and Bushfires)

    If you were affected by a flood or fire in 2013, the ATO can give you helpful extensions and concessions. This post provides basic information about preparing your individual tax return in 2013 if you’ve been affected by a natural disaster. 

    We’ve broken things down into some key topics.
    If there’s something you’d like to see us add, please send us an email on admin@etax.com.au or leave a comment over on our Facebook page.

  • Do you have lost super waiting to be claimed?

    It is estimated there are Billions of dollars in have you got lost super?unclaimed super floating around Australia’s funds – and 50% of Australian workers have at least some super that’s gone astray. 

    Every week we have new clients who tell us that they’ve lost track of their super. Each new job they take has a different superannuation provider and as years go by, they simply lose track of it all. As for finding their old super in other funds, they don’t know where to start.

    Does this sound like someone you know?  It might even be you! 

    There is any easy way to check if you’ve got lost super waiting to be claimed...

  • ATO Collects Your Financial Information to Snare Tax Cheats in 2013

    Did you know that the ATO can access information fromATO-catching-tax-cheats YOUR employer, bank, super fund, credit card, insurance funds, government departments and more?  They have powerful ways to check that the information you’ve declared on your tax return is correct.  

    In 2011-12 the Australian Tax Office intercepted and blocked about 8000 inaccurate or fraudulent tax returns and in 2013 they’re looking to increase these numbers.

  • Tax free entitlements for Australian Defence Forces in Afghanistan

    If you’re a member of the Australian tax free entitlements for overseas forcesDefence Force who served (or will serve) in Afghanistan as part of Operation Slipper, you might not have to pay tax on the salary or allowances you earn during that deployment.

    The following table from the ATO shows which ADF deployments in Afghanistan are eligible to receive salary and allowances tax free:

  • Motor Vehicle Data Matching in Full Swing

    In its sustained crusade against what they call the ATO motor vehical data matching‘cash economy’, the ATO has announced plans to collect the details of all individuals and businesses that have purchased or acquired a vehicle where the transfer and/or market value is $10,000 or greater in the 2011-12 and 2012-13 financial year.

    Why?

    The ATO plans to collect this data from state and territory motor vehicle registering bodies to match against taxpayer records and identify those who participate in the cash economy. That is, those people who do not declare all of their income or are deliberately avoiding their tax obligations.

  • Landmark ruling leave Qantas with a $34 million GST bill

    Ever paid for a non-refundable flight and had something come up which prevented you from flying? If this was with Qantas, would you consider that the airline has provided you a service even though you didn't fly?

    A landmark court case ruling handed down today determined that regardless of whether a person used their ticket or not, if Qantas charged a customer for a flight then it had provided a service, and therefore owed the Australian Tax Office (ATO), GST on all tickets, including those where the passenger was unable to fly. 

  • 23,300 TFNs Compromised Last Year

    The Australian Tax Office (ATO) has revealed that 
    23,300 Australians had their tax file number compromised in the 2012 financial year, up from 22,000 the previous year.

    In an effort to combat the rise in identity fraud and compromised returns, the ATO has embarked on an intensive audit campaign...

  • Trans-Tasman transfer of retirement savings may be possible in 2013

    The federal government is drafting new legislation to trans-tasman-savings-portability-schemeestablish a ‘trans-Tasman savings portability scheme’ in an effort to help people who move between Australia and New Zealand better manage their retirement savings.

    Currently, Australian and New Zealand citizens working in Australia are unable to take their superannuation with them if they move permanently to New Zealand (or vice versa). 

    Under the new scheme, people will be permitted to transfer their superannuation savings between an Australian super-fund and a New Zealand KiwiSaver scheme. 

  • “What’s the best way to do my tax return?”

    There’s no denying that we have a bias on this topic – 
    best-way-to-do-taxeswe think Etax.com.au is one of the best and easiest ways to do an individual tax return.  But what are the alternatives?  Let’s compare the most popular options…

    Etax.com.au

    • Finish online in 15 minutes
    • Checked twice by an accountant prior to lodgement

  • ATO blocks $40 million of false payments

    In the past financial year the Australian Tax Office has reportedly blocked more than $40 million worth of payments that would have gone to criminals who committed identity theft. 

    While these figures show that the ATO’s crackdown on fraudulent returns is garnering results, somewhat worryingly, officials from the ATO have little idea about how much money they might have payed out on fraudulent returns. 

    A recent ninemsn freedom-of-information study found that in 2011-12 the ATO has intercepted nearly 8000 fraudulent returns...

  • New carbon tax had no effect on inflation

    Private analysts TD Securities-Melbourne Institute’s inflation
    gauge rose 0.6 per cent  during August, but according to their head of Asia Pacific business, Annette Beacher, there does not appear to be any noticeable impact from the introduction of the Carbon Tax. 

    A few goods and services increased in price during August which contributed to the 0.6% increase, however there were also a number of items whose prices fell over the same period.  For example, fruit, vegetable, petrol, alcohol and tobacco prices rose sharply in August, offset by lower prices for footwear, holiday travel, accommodation and computing equipment. 

  • How can I improve my kids’ financial future?

    3 ways to make prosperity come easier for your children. 

    Parents all worry about their kids.  
    Will my children be happy?  Will they be provided for? Will they be successful?

    Recently, people at our office have been talking about these questions.  Do you wonder if you’re setting your kids up for a successful, happy life?  

    Every family is different, but our team members have shared some interesting information – including fascinating research – that could help make life easier and happier for parents and kids:

  • Claim Your Dental Expenses as a Tax Deduction

    “Can my dental expenses be deducted on my tax return?" 

    Let’s discuss how you can maximise your tax refund by legally claiming your dental treatment costs as a deductible expense. 

    The Specifics

    For tax purposes, the Australian Tax Office lumps dental expenses together with other medical expenses. Unfortunately, this means you can’t claim back your dental expenses ‘dollar for dollar’ – but there are some savings to be had.

  • Average tax refund more than $2,300

    As we’re now more than half way through the 2012 tax Average ato refund. Etax Accountants blog postseason, we’ve decided to take a look at the ATO-issued average tax refund for 2012. How does your refund compare? 

    This year the ATO has received 5,453,000 tax returns so far this tax year. So far they’ve processed 4,794,000 returns with 4,224,000 tax payers receiving a refund. 

  • 4 Common Tax Return Mistakes

    The ATO is more attentive than ever when it comes to checking and processing
    tax returns. 
    common tax return mistakes

    With sophisticated data matching systems, the ATO can automatically detect returns that are unusual or inaccurate – and they are very good at spotting inaccurate claims for income or deductions. 

    When the ATO detects a problem, it can trigger an audit – which means you face delays, questions and more documents before you can get a tax refund.

    Here are 4 common mistakes taxpayers make that can lead to an audit with the ATO:

  • Simple Ways to Improve Your Tax Refund

    Do you ever find yourself searching for expense Simple ways to increase your refund with Etax Accountantsreceipts from 12 months ago? You are not alone! 

    A recent study conducted by the Commonwealth Bank found that lost receipts are costing one in two Australians an average $1000 in tax rebates every year. Can you afford to miss out on $1000 in extra deductions this year?

    Not only is it money that’s being lost, but the study also noted taxpayers spend on average 2.2 hours looking for receipts to support their return.

  • Top 3 Forgotten Tax Deductions

    Are you missing out on valuable deductionsetax-accountants-top-deductions which could improve your tax refund? In this article we discuss our top 3 commonly missed tax deductions.

    1. Union and Registration Fees

    Do you pay union fees each year? If so, then you are entitled to claim them as a tax deduction on your return each year.  Simply enter the total amount you’ve paid in union fees this year under
    D5 – Other Work Related Expenses

  • Double your tax refund with Etax Accountants

    We know that taxes can be a bore! But we also know that everyone loves
    Etax Accountants Income Protection Imagereceiving their tax refund. So we’ve decided to make the 2012 tax season even more interesting.

    This year we will draw one lucky client’s name from our database and double their ATO refund! Interested?

    How can I win?

    Simply complete and lodge your tax return between July and October at Etax.com.au and you’ll automatically be entered in the draw.

  • Etax for Mac and iPad Users

    Over the past few weeks we’ve had many clients tell us how muchetax for mac they love being able to use the Etax online tax return on their Apple devices. In particular, there are more and more people using iPad tablets for personal online use. 

    What’s special about etax.com.au for Mac users? 

    Well, since 2006 the ATO have promised a Mac friendly electronic tax return, but even now 6 years later there is still no Mac-compatible option available from the ATO.

    If you are a Mac user...

  • Changes you should know about in the 2012 tax return: Flood Levy and Schoolkids' Bonus

    With the 2012 tax season now in full swing, we’ve already fielded many questions on the various changes to the 2011-2012 individual tax return. Below we discuss two major changes you should be aware of – and don’t worry, they are quite simple!

    What is the flood levy?  Do I have to pay it?

    A one-time charge paid by taxpayers in 2012, the flood levy helps communities affected by natural disasters.  The levy funds reconstruction of essential infrastructure. 

  • ATO Audit Process Keeps Taxpayers Honest

    The Australian Tax Office is cracking down on taxpayers who avoidATO audit blog post image paying part of their taxes.

    You may remember our August article about the ATO’s improved auditing systems. Since then, the ATO’s auditing process has been updated and refined.

    The ATO’s current targets are Australians who do business in a ‘cash only’ basis and people who over-inflate their deduction claims.

    New figures released by the ATO show that between July 2011 and January 2012, almost 1200 people were prosecuted AND convicted for tax offences.

  • How to protect your income AND improve your tax refund

    Many of us insure our cars, our houses and our possessions, but how many Etax Accountants Income Protection Imageof us actually insure our ability to earn income? The answer to that is very few! In fact we surveyed a sample of our clients and discovered that only 2% of last year’s returns had a deduction for income protection.

    Income protection can be claimed as a tax deduction, yet most people still do not have any!

    Now consider this: More than 25% of people over 30 years old will take more than 6 months off work between now and retirement due to illness or injury. Can you afford to live without your pay for six months?

    So what is Income Protection?

    Income protection is one of the most basic forms of life insurance.

  • How to increase your tax refund when you work from home? Claim your Home Office expenses.

    Do you carry out part or all of your work from a home office? If you do, then Etax Accountants Image for Home Office Expensesyou may be entitled to claim office expenses associated with running your business from home - these can be valuable tax deductions.

    Home office expenses can be classified into two broad categories which we look at in more detail below:

    What are home office expenses?

    1. Running Expenses: You may be entitled to claim a deduction for the running expenses of your office comprising:
  • How to Claim Sun Protection as a Tax Deduction

    If you or someone you know works in the sun for sustained periodsSun Protection Expenses- Sunglasses of the day, they could save big bucks by claiming their sun protection equipment!

    Occupations and industries in which the ATO considers people to work in the sun for prolonged periods include:

    • Building and construction
    • Delivery and courier services
    • Farming, agriculture and horticulture
    • Fishing
    • Forestry and logging
    • Landscaping and gardening services
       
  • 27 Critical Tax Deductions for your Rental Property

    Did you know how many expenses you can claimhouse for sale sign Etax Accountants if you own a rental property? Many people are unaware of the full range of deductions available to them – and they miss out on a bigger tax refund.

    To ensure you are making a correct claim on your next tax return, we’ve listed 27 items for you to check before the end of the year:

    1. Advertising for tenants
    2. Bank charges
    3. Body corporate fees
    4. Cleaning
    5. Council rates

  • Income Tax Breaks could mean more $$$ in your pocket!

    With the government tax forum drawing to a close last week, onetax breaks mean more money in your pocket significant proposal on income tax seems to have gained some traction.

    While not committing to a specific timeframe, Treasure Wayne Swan explained that government is in the planning stages of raising the tax free threshold to $21,000 – a move that would also abolish the low income tax offset and go a long way towards simplifying income tax in Australia.

    As part of its Carbon Tax compensation package, the government already plans to increase the tax free threshold...

  • Can I Claim My Home Computer Use as a Tax Deduction?

    Do you ever find yourself taking your work home with you, answering Etax Accountants Blog: Can you claim your home computer use as a deduction?your emails at home or working at home through an evening? If you answered yes to any of the above and you use your home computer or laptop for these duties, you may be entitled to claim your computer as a tax deduction.

    How?

    If you have purchased a computer or software and use them for work...

  • October 31st Individual Tax Deadline is Fast Approaching

    With the October 31st deadline for lodging Individual Tax Returns now October 31st is the Tax Return Deadlineless than three weeks away, let’s take a look at what you should do between now and then to ensure you don’t miss the deadline.

    To lodge your 2011 tax return, follow these easy steps:

    1. Find your 2010-2011 PAYG summaries which should have been issued by your employer.
    2. Collect all expense receipts from the past financial year.
  • Government Will Match Your Tax-Deductible Donations

    Kevin Rudd announced a dollar-for-dollar ‘donation matching’ program with the Government set to join Australians fighting the famine disaster in Eastern Africa

    Australians donate to charitable causes

    With the UN estimating 750,000 people could die in the Horn of Africa in the next four months, the Federal Government is joining forces with caring Australians in a bid to save lives. The Government has promised to match every tax-deductible donation Australians give to aid efforts in the drought-stricken Horn of Africa.

    "We set no limits.  However much they raise, we're serious about it:  We'll match it dollar for dollar," he said.

    This is a key moment to make a tax-deductible donation to one of the many charities involved in famine relief...

  • The 5 Best Things to Do With Your Tax Refund

    With more than $10 billion refunded to four million taxpayers5 good ways to use your tax refund so far this tax season, many of us are wondering how we should best use our tax refund.

    It is tempting to head straight to the nearest shopping centre and blow your entire tax refund, spoiling yourself.

    But wait – other options can make your future shopping sprees more fun and easier to afford.

    1. Pay off your debts

    The first thing you should do when you receive your tax refund is usually to pay off some (or all) of your debts.

  • Bankers Call for Tax Breaks for Parents

    With the government’s October tax forum fast approaching, proposed tax cuts for parentsindustry body, the Australian Bankers Association (ABA) has called for increased tax help for parents and the simplification of complex taxes at both a State and Federal level.

    Help for Parents

    In the ABA’s eyes, the biggest concerns everyday Australians are currently faced with is the cost of childcare and whether they should return to the workforce after having a child.

  • Can you claim personal grooming as a tax-deductable expense?

    Are you a performing artist, flight attendant or pilot? Do you buy makeup Can you claim personla grooming or make-up expensesas a requirement for your work? If you answered yes to any of the above, you may be able to claim your personal grooming expenses and increase your tax refund.

    Here’s how it works?

    Normally the ATO does not allow tax deductions for the following personal grooming items:

    • Make-up
    • Hairdressing
    • Hair spray
    • and more...
  • Super Fund Tax Breaks Almost Wiped Out by Hidden Fees...

    A new study conducted by Rainmaker Information found that almost all of the tax super-fund-fees-almost-wiped-outconcessions Australian’s receive for superannuation are being lost to commissions charged on Retail Super Funds – funds run by the big four banks and insurers.

    These commissions – often secretive but worth up to $2.9billion per year – are paid for financial advice that many workers never receive...

  • Need HELP? Tips About Repaying HELP Debts

    If you are one of many people who graduated university with a HELP (Higher Newsletter sign upEducation Loan Program) debt, you may be unsure exactly how and when you are required to repay that debt. If you previously had a HECs (Higher Education Contribution Scheme) debt, that is now also known as a HELP debt.

    Repaying your HELP Debt

    If you have a HELP debt, you must start repaying it when your repayment income is above the minimum threshold set by the ATO. For the 2010-11 financial year the minimum threshold is $44,912.

    Your repayment income is the total of the following amounts...

  • Australians Want the Wealthy to Pay More Tax

    60% of respondents in a recent ACTU survey would support raising taxes for wealthy-to-pay-more-tax-etax-accountantsAustralia’s highest income earners.

    Major findings of the ACTU study include:

    • Support for raising taxes for people who earn more than $200,000 per year.
  • 10 easy ways to reduce your tax- part 2

    Here easy ways to save on taxis the second part to our series on the ten simple ways to reduce your tax. If you would like to see the first five items in our list, see our last blog.

    6. Expenses based on Circumstances

    If you know in advance that you are going to have certain deductions, choose which financial year you purchase them in. Depending on your levels of income or deductions you may want to adjust which financial year you purchase the item in. For example if you have a large expense which is tax deductable it may be beneficial to purchase it in a year where your income is high, rather than a year in which you took an extended holiday or unpaid leave.

  • 10 easy ways to reduce your tax- Part 1

    There are countless easy ways in which you can reduce your TAX. Take a look below where we’ve listed five simple ways that will help you this tax season. 10 easy ways to reduce your tax

    1. Keep Good Records

    Keeping good records is the top way to ensure you claim every expense you are entitled to and that your tax process runs smoothly. Ensure you are organised! Take 5 minutes each week to sort out your receipts and logbooks and we guarantee it will save a lot of pain and anguish at the end of financial year.

  • ATO Continues to Improve its Auditing Process

    This tax season, the Australian Tax Office (ATO) is using more advanced computers to detect suspicious and fraudulent tax returns. ATO Continues Audits

    ATO director Ross Barns explains that their auditing system continues to be refined in an effort to effectively handle the 12 million+ individual tax returns they process each year.

    Currently, a series of 20 computer models are run on every tax return, with flags raised when taxpayers’ data looks be suspicious.  

  • Assessing your expenses claims when travelling for work

    Travelling for work can cost you big bucks, but come tax time, thoseWork Travel Expenses who are eligible can also make some big deduction claims! 

    What are work-related expenses for travel?

    If you incur any travel related expense that directly relates to your specific job function, you may be eligible to claim a deduction. Depending on your circumstances and provided you have the necessary documentation, you can claim the cost of transport and incidentals, and, if you were away overnight, even meals!

  • Tax on Interest Income could be slashed by 50%

    interest growth will be easier after interest tax cuts

    In the 2010-11 Budget, the Federal government released a discussion paper that should lead to a future 50% tax discount on Interest Income.

    Aimed at giving relief to low and middle income earners, Assistant Treasurer Bill Shorten claims the discount will benefit up to five million everyday Australians.

    Set for introduction in the 2012-2013 financial year, taxpayers will pay 50% less tax on any Interest income received up to $500. In the 2013-2014 financial year, this figure will rise to $1000.

  • Making money with your Super

    how to make money with your super

    Are you able to get more money into your superannuation with very little sacrifice? If you are an employee and your taxable income is less than $61,920 then the answer is probably yes – you may be entitled to the superannuation co-contribution scheme.

    What is it?

    The superannuation co-contribution scheme means that on top of your employer putting some of your income into your super fund, you can also add a little extra. And, the best part is this: The government will match your donations up to $1000* per year!

  • Do you sell on eBay? The ATO is watching.

    Taxes on ebay- Etax Accountants

    As the online retail sector continues to outpace traditional bricks and mortar stores, the Australian Tax Office has announced it will look carefully at eBay retailers this tax season.

    When eBay was launched in 1999 it was simply an auction site where people could sell household goods they no longer needed. This has changed dramatically over the past 12 years, with eBay sellers now mostly promoting new goods – and the ATO is aware of this.

  • Ironing out laundry expenses

    Laundry ExpensesDo you wear a uniform to work? If it falls into any of the categories we discussed in our uniform expenses  post, you can also make a claim for the cost of laundering those uniforms.

    The way you calculate your laundry expenses will depend on your means of cleaning. We’ve created the following table which lists some of the possible means for laundering your work clothes as well as how to calculate your deduction.

  • Generation Y could be losing thousands in tax refunds!

    A new Bankwest survey found that many of Australia’s tech-savvy Gen Ys could be missing out on higher tax refunds from the ATO. 

    The report found that 53% of Gen Ys submit their own return in the hope of saving themselves the Accountant fees.

    The Bankwest report says that while the younger generation feel more comfortable doing their own taxes, they might miss out on a long list of deductions available to them – deductions that an accountant would identify.

    Can I use a tax agent AND pay low fees?

  • Can you claim your work uniform as a tax deduction?

    Do you know there are a number of ways you can save big just by claiming your work uniform? To make things easier, take a look at our list below and see if you fall into one or more of the categories. 

    Is your uniform compulsory?

    If you have a compulsory uniform that is strictly enforced at your workplace, then you can claim for the cost of purchasing it...

  • Did you receive a letter about work expenses from the ATO?

    ATO work expenses letter

    Recently 300,000 Australians received a letter from the Australian Tax Office offering help with claiming work-related expenses. Some of our clients contacted us because they were confused by the letter and wanted to know if they were going to be audited . Let’s clear up any misconceptions about this ATO letter.

    So what does this letter mean for me?

    This letter is nothing to worry about! 

    It is part of an ATO education campaign... 

  • Win Big with Etax Accountants!

    Win with EtaxThis tax season you can win big with Etax Accountants. Simply complete and lodge your tax return at Etax.com.au between July and October and you’ll automatically enter into two draws, with high stakes…

    • Apple iPad2 with 3G (4 being given away) and
    • The chance to double the tax refund you get from the ATO.
  • Australia's Favourite Online Tax Return is Faster & Easier Than Ever!

    New tax return with EtaxSince 2010 we’ve been very busy reading feedback from Etax users.  Based on your suggestions, we’ve made important upgrades to the  online tax return.  Now we’re proud to announce the 2011 Etax online tax return is ready for you to enter your 2011 tax details.  And it is faster than ever!
  • Taking Care Of Your Taxes in 2011: The Facts!

    The Facts

    With July 1st fast approaching, many people are starting to think about how they wish to prepare their 2011 income tax returns. Recently the Australian Tax Office (ATO) has released details of a comprehensive study of the 12.3 million people who lodged their tax return in 2009. You’ll be surprised at the results.

    Key Statistics

    • Out of 12.3 million people who lodged their tax return, 71% used a registered tax agent like Etax Accountants and Etax.com.au.
  • Six Important Changes to Your Tax Return for 2011

    Changes to Tax in 2011Year after year, the Australian Tax Office refines and updates their rules and regulations for personal income tax in Australia. With July 1st fast approaching we’ve decided to take a look at these changes and how they will affect you in preparing your upcoming tax return. 

    Our expert accountants identified the following revised tax items that will have the greatest impact on Australians in 2011:

  • Are you likely to be audited this year?

    Are you likely to be audited

    The ATO identifies key targets for tax audits in 2011

    Each year the ATO releases a list of risks they have identified under their compliance program.  The list highlights issues the ATO will pay special attention to in their checking and auditing activities. Take a  look below to see if any of the issues relate to you:

    • You are not lodging a tax return...
  • The Etax Accountants blog is here!

    Etax Accountants BlogWelcome to the newly launched Etax Accountants Blog: Tax Tips for Australians. Our accountants have been hard at work preparing a host of various for the beginning of this year’s Tax Season.

    And, with July 1st only 5 days away, it is with great excitement that we have launched this invaluable resource for all Australian Tax Payers (and anyone else with an interest in Tax!).