The use of cryptocurrency is growing every day in Australia, but what actually is it? More importantly, how does crypto tax affect you? First things first: What is cryptocurrency? Cryptocurrency, usually shortened to crypto, is used to describe a digital or ‘virtual’ currency. Crypto is similar to normal currency when it comes to spending but […]
Tax Advice
Tax Advice: 2021 Tax Return | Increase Your Tax Refund | Superannuation | Tax Deductions | Medicare and Health Insurance
Claim tax deductions to get a better tax refund
If you’re not sure how to claim tax deductions or what you’re actually allowed to claim, you’re not alone! The most common things our clients ask us is, “exactly what tax deductions can I claim on my tax return?” When you claim tax deductions the right way, you get more cash back in your pocket at […]
Claim Home Office expenses and increase your tax refund
Do you work entirely from a home office or do you need to do overtime from home? Many of us need to open our home laptop to check emails or use our own phone to make a few work calls from time to time. But if taking work home is a regular occurrence for you, […]
A Simple Guide To Tax Deductions in Australia
OK, so what is a tax deduction? A tax deduction is a something you paid for, out of your own pocket, that can be listed on your tax return. This can help reduce your taxable income and that boosts your tax refund. Tax deductions include work-related expenses like the costs of buying uniforms, tools and […]
Tax Cuts 2021-22 – Low and Middle Income Tax Offset Extended
There was something to make low and middle income Aussies smile in the budget again this year. Tax cuts are staying – for now! The 2021 Budget threw in a few perks for businesses but the one that around 10 million taxpayers will appreciate, is the decision to continue the tax offset for low and […]
How to claim personal super contributions on your tax return
Add money to your superannuation and score a tax savings today! How good does this sound? We explain how to claim personal super contributions on your tax return. Most Australians know that super is money for retirement. What’s less well known is that you don’t solely have to rely on your bosses’ contributions to grow […]
Low Income Super Tax Offset
If you’re a low-income earner, saving for your retirement can feel daunting. Fortunately, the Australian Government have some programs to help you prepare, including the Low Income Super Tax Offset (LISTO). What does the Low Income Super Tax Offset program offer? The Low Income Super Tax Offset is a government program to help low-income earners […]
Working from home due to COVID-19?
Learn how it could help maximise your tax refund. Are you like many Australians who have worked from home during the COVID-19 pandemic? If yes, you may be entitled to claim work from home deductions on your 2020 and 2021 tax return. The bonus: you could end up with more money in your pocket at […]
Your Tax File Number – Everything you need to know
What is a tax file number? A Tax File Number – sometimes shortened to TFN – is a unique ID number that you get from the government. It’s used for your tax return, benefit payments and superannuation services. You also need it to apply for an Australian Business Number and to complete a bank account […]
Ironing Out Laundry Expenses for Uniforms
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 how you clean your uniform. We’ve created the following […]
Tax Cuts Announced for 2020-21
Federal Government brings forward tax cuts for the 2020-21 financial year To stimulate a struggling Australian economy, the Australian Federal Government has brought forward Stage 2 of their planned tax cuts and back dated them to 01 July 2020. The cuts originally penned to come into effect July 2022, will now take place in the […]
The Medicare Levy Surcharge
What is the Medicare Levy Surcharge? The Medicare Levy Surcharge is a charge some medium and high income earners pay in addition to the Medicare Levy. Like the Medicare Levy, the surcharge is to help pay for the public health system and to encourage those people who can afford it to take out private health […]
The Medicare Levy
What is the Medicare Levy? Have you ever looked at your Notice of Assessment or a tax refund estimate and seen a line for the medicare levy? Not sure what it is? Don’t worry, you’re not alone and this article has got you covered. For most Australians healthcare is essentially free. If you get sick […]
Tax Brackets Australia
What are the tax brackets in Australia? Tax brackets in Australia are set by the Federal Government and the Australian Tax Office (ATO). They determine the rate of tax that each Australian taxpayer pays based on their annual income. Each taxpayer falls into a tax bracket in Australia. The specific bracket depends on their taxable […]
Capital gains tax: Does it apply to you?
What is capital gains tax? Capital gains tax (CGT) is the tax you pay on profits you make from the sale of a capital asset such as real estate or shares. A capital gain is when you sell a capital asset for more than you originally paid for it. You are required to pay tax on […]
