With the ATO cracking down on investment property expense claims, making sure you’re ‘tax smart’ and in control of your finances is more important than ever. How do you keep your investment property expenses, taxes and finances in order? And how do you keep the ATO out of your hair? It all starts with good […]
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 […]
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. […]
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 […]
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 […]
Don’t Be Afraid of the ATO at Tax Time
At the National Press Club, ATO commissioner Chris Jordan spoke about a change in tactics at the ATO, with a greater focus on work related deduction claims by individuals, representing $22 billion worth of claims made each year. A substantial portion of those claims are “mistakes” or “fraud” he said, although no evidence for this […]
myTax, Etax, tax agent office: “What’s the best way to do my tax return?”
Let’s compare myTax and other tax return options: What’s the best one for you? The ATO advertises a tax “product” called myTax – another way to self-prepare your tax return. As a taxpayer it is hard to know what to do. What is the best tax return and what are the alternatives? Let’s compare the […]
2017 Budget for Health Care: Who wins and who loses?
The 2017 Budget was handed down by Treasurer Scott Morrison on Tuesday 09 May, which included the Government’s $10 billion plan for Health Care funding. Most notably, the National Disability Insurance Scheme is being fully funded by taxpayers through a Medicare levy increase. Here’s our wrap-up on winners and losers in the 2017 federal budget for […]
2017 Budget for Students: Winners and Losers
Treasurer Scott Morrison announced the 2017 federal budget on Tuesday night, which included the government’s plans to save $2.8 billion over the next five years by reforming the Higher Education system. Read on for an overview of the changes announced in the 2017 budget for students. How does the 2017 Budget affect students? Higher Education […]
2017 Budget for Housing: Wins and Losses
To tackle housing affordability, particularly for first home buyers, the Government included a range of measures in the 2017 Budget. A new measure focused on housing as well as the property industry in general. One of the biggest changes was the introduction of a new ‘First Home Super Saver Scheme’. This scheme allows individuals to make […]
GST changes may impact your overseas online shopping
The Australian Government is attempting to level the playing field between Australian and overseas retailers with proposed GST changes effective from 1 July 2017. Here’s what you need to know. Australians are increasingly turning to overseas sellers when they shop online to access cheaper prices and a larger variety of goods and speciality items. The government […]
ATO to Share Bank Account Details with Overseas Governments
The ATO will share people’s bank account details with other governments and automatically detect overseas bank accounts to reveal tax evasion In a move aimed to find taxpayers who do not declare income or savings in different countries, the ATO will join tax departments world-wide to share taxpayers’ overseas bank account details. The ATO will […]
Bracket Creep Means Australians Pay Billions More in Taxes
(Updated June 2015) Bracket creep, also referred to as a “tax trap”, will see Australian workers move into higher tax brackets as a result of wages rising in line with inflation—and reap the Government an extra $25 billion over the next four years—according to new research conducted by the National Centre for Social and Economic […]
Generation Y: The first generation to be poorer than their parents?
Parents from every place, in every era, share something important: We all want our children’s lives to be better, happier and more prosperous than anyone’s before. Could the opposite become reality for Australians? Baby Boomers may well be the first generation seen as wealthier than their children. That’s one of the conclusions drawn from a […]
