A lot of people are saying they didn’t get a PAYG summary. They are wondering what to do. Let’s clear this up, quick. Do I need a PAYG to do my tax return? No, you don’t need a PAYG summary to do your taxes with a tax agent (like most people do, including at Etax). If […]
Tax Cut 2019 – Will You Get a Bigger Tax Refund?
Tax cuts announced for 2019 mean a lot of Australians get a little boost to their tax refund this year. Like most things at the ATO, it’s complicated. However, the main point is this: You don’t need to do anything.
Individual Tax Deadline – October 31st
The October 31st deadline for lodging Individual Tax Returns is approaching – but don’t panic! Let’s cover what you need to do to ensure you don’t miss the individual tax deadline or receive an ATO penalty. To lodge your 2019 tax return, follow these easy steps: Find your 2018-2019 PAYG summaries or Income Statements, from […]
What is STP or Single Touch Payroll?
It may be worth dusting off last year’s PAYG summary. It is about to become a collector’s item. Single Touch Payroll is with us, and it’s changing the way your wage or salary is recorded. If your workplace has 20 or more staff, the boss should have started using Single Touch Payroll (STP) last July. […]
Airtasker tax guide: FAQs on taxes for 2019
A simple guide to getting your Airtasker taxes right Airtasker has changed the way many people earn an income. Whether you’re already doing tasks or you’re ready to get started, there are some important tax implications you need to know. The big message here is, don’t be duped into thinking you can squirrel away that […]
The First Home Super Saver Scheme (FHSSS): your guide to buying your first home sooner
If you’re someone who’s been saving for a first home deposit, then there’s one scheme you should know about. It’s called the First Home Super Saver Scheme (FHSSS). The point of the scheme is to help people of all ages get into their first homes sooner. It was introduced by the Australian Government in the […]
Medicare Levy vs Medicare Levy Surcharge – What’s the Difference and Do They Affect Me?
There are two very similarly named taxes that can affect how much you pay the tax man each year. The first is the Medicare Levy and the second is the Medicare Levy Surcharge. The Medicare Levy Surcharge The Medicare Levy Surcharge (MLS) is a Federal Government tax that helps pay for the public health system. […]
Pay Off Your Credit Card or Invest? What’s the Smartest Move?
Is it best to pay off your credit card straight away? Or do you make more money by investing in a high-interest account or shares? When it comes to simple savings strategies, this should be one of the first questions you ask. And thankfully, we’ve got all the numbers to help you decide. Credit Card […]
$2,025 in Unpaid Super Every Year – Here’s What You Can Do About It
Would it bother you if your weekly or fortnightly pay was consistently 10% short? Once you noticed, would you do something about it? If you’re like most Australians, the answer would be a resounding “Yes!”. Here’s the scary part: this is exactly what is happening to as many as one in three Australians. So, what’s […]
2018 Budget Tax Cuts – How Do They Affect You?
Now that the 2018 budget media frenzy has died down, most of us just want to know: how do the new tax cuts affect me? We’ve put together an easy reference list of budget changes, tailored to you. A handy personal income tax refund boost An effective tax cut for millions of Australian is the biggest […]
How Can I Help My Children To Be Successful and Financially Secure?
How to improve your children’s financial future can be an interesting debate. Parents have lots of different ideas about success for their children (and themselves). But most parents share similar concerns and worries about their children’s long-term financial security and happiness. Money and happiness are not the same thing, but it appears that certain habits […]
Live-in landlord Tax Deductions: What you should know…
Live-in landlords are common these days, as more and more people choose to lease out rooms in a house they own and live in. It can help pay the mortgage, cover running expenses and fill up space that’s otherwise unused. If you lease out part of your home, you’ll receive rent. This is usually treated as “assessable […]
ATO Data Matching – What is it and will it affect me?
You may have heard that ATO data matching technology is now being used in Australia. The ATO launched the system to shine a light on people who have undeclared income missing from their tax returns, opening a new opportunity to catch people out and collect more tax from Australians who may understate their income. What […]
Corporate Tax Avoidance and Tax Gaps: What is it costing Australia?
A common theme in ATO messages this year has been that big businesses are generally doing the right thing. They’re lodging income tax returns accurately and paying the correct amount of tax. Interestingly, corporate tax avoidance is absent from their narrative. Instead, concerns focus on individual taxpayers who over claim deductions. However, the recently published […]
Work at home mum – the ultimate balancing act
So, how do you build your business when you’re a work at home mum and your adorable darlings are doing their utmost to distract you with death defying leaps and tantrums that could literally wake the dead? It’s true that you were never under the illusion that you would enjoy uninterrupted hours at your laptop […]
