How to Claim Sun Protection as a Tax Deduction

If you or someone you know works in the sun for sustained periods Sun 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 claim house 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:

Advertising for tenants
Bank charges
Body corporate fees
Cleaning
Council rates

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

With the government tax forum drawing to a close last week, one tax 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...

Simple Ways to Improve Your Tax Refund

Do you ever find yourself searching for expense receipts from 12 months Simple ways to increase your refund with Etax Accountants ago or wishing you had kept track of your donations? You are not alone! Each year we have countless clients who spend hours looking for lost receipts. That’s why we’ve come up with the perfect record keeping solution – and it’s simple!

Follow our easy plan and not only will tax time be a smoother process, but you may even find yourself with a bigger refund from the ATO.

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 Deadline less 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:

Find your 2010-2011 PAYG summaries which should have been issued by your employer.
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

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 taxpayers 5 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 parents industry 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.

Claiming Car Expenses without a Logbook

Do you use your car for work but don’t have a logbook? Don’t stress! It may still be car expenses no logbook blog post image possible for you to claim work-related car expenses on your income tax return.

How does it work?

You can reduce your tax payable or increase your refund using the one-third of actual expense method. This method allows you to claim one-third for each car expense you incur. The eligible car expenses do not include capital costs such as the initial purchase of the car or improvements to it such as replacing an engine.

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 expenses as 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-out concessions 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 up Education 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-accountants Australia’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 tax is 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.

Average ATO tax refund now more than $2,300

With close to 2 months of the 2011 tax season complete, the ATO has released interesting figures on its average tax refund amounts and processing times. Average ato refund. Etax Accountants blog post

In the latest progress report released by the ATO, which includes figures up to 17 August, the number of returns received by the ATO since 01 July, 2011 currently stands at 4,117,000. Of those returns, 3,178,000 have been finalised with 2,861,000 (90%) of individuals receiving a refund.

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 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, those Work 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

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.

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 Expenses Do 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...

Claiming Self Education Expenses as Tax Deductions

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

What exactly 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.

Etax options for Mac users

The Apple iPad displaying the Etax website

If you own a Mac, you don’t need to use the tedious paper-based tax returns or visit an accountant’s office. Simply visit Etax.com.au, register your details and you can process your tax return online – with some extra advantages.

Your return can be complete in as little as 15 minutes, from the comfort of your own home. Your details are double-checked by qualified accountants before lodging, with the aim of getting you a better refund…

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

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 Etax This 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!

Since 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!

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 2011 Year 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?

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!

Welcome 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!).