Your HELP debt often seems like a heavy weight around your neck, especially when your uni days seem like a lifetime ago and you’re keen to take your next step in life. You keep throwing money at it but unless you’re an avid spreadsheet Ninja, like Mandy in our accounts department, you often have no […]
Tax Advice
Tax Advice: 2022 Tax Return | Increase Your Tax Refund | Superannuation | Tax Deductions | Medicare and Health Insurance
27 Valuable Rental Property Tax Deductions
By including rental property expenses on your tax return you access an incredible range of possible tax deductions that boost your tax refund and leave more rental income in your pocket. It’s important to stay on top of your rental property tax deductions and claim them correctly to maximise your tax refund (without getting into […]
Work Uniform Expenses: The tax deductions you can and can’t claim
You can save big just by claiming your work uniform expenses on your tax return! There are many types of jobs that require you to wear a uniform and/or protective clothing. Unfortunately many organisations don’t provide these, or at best offer them at a discounted price to their employees. But for you the costs of […]
Motor Vehicle Data Matching in Full Swing at ATO
In its crusade against what they call the 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. This involves computerised “motor vehicle data matching” […]
Trans-Tasman transfer of retirement savings may be possible in 2013
The federal government is drafting new legislation to establish 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 […]
Superannuation Co-Contribution: Get More Money for Your Super
Ever wonder how you can better prepare yourself for retirement? Low or middle-income earners can give your super a nice boost – with very little sacrifice! Read on to find out how you can take advantage of the Federal Government’s superannuation co-contribution scheme. What is it the government super co-contribution scheme? The super co-contribution scheme is […]
Income Tax Breaks could mean more $$$ in your pocket!
With the government tax forum drawing to a close last week, one 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 […]
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 […]
Super Fund Commission Charges Wipe Out Super Tax Breaks
A new study conducted by Rainmaker Information found that super fund commission charges and fees wipe out almost all of the tax concessions Australians receive for superannuation. These commissions are being charged on Retail Super Funds – funds run by the “big four” banks and insurers. These super fund commission charges – often secretive but […]
ATO Audits are Now More Accurate at Finding Tax Cheats
ATO Audits are conducted when ATO systems detect signs that someone is cheating on their taxes. The Australian Tax Office (ATO) now uses more advanced computers to detect suspicious claims and fraudulent tax returns. Computer modeling finds tax cheats and triggers ATO audits A series of 20 computer models run on every tax return, with […]
