In the wake of the COVID-19 pandemic many Australians are currently facing severe financial hardship due to loss of employment or income. Therefore, the Australian Government has responded with two rounds of coronavirus stimulus for individuals. The first announcement on 12 March included a $17.6 billion stimulus package for individuals and businesses. The second announcement, […]
Property investors: Is your investment property tax smart?
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 […]
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 […]
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. He said a substantial portion of those claims are ‘mistakes’ or ‘fraud,’ although he did not discuss […]
myGov vs Etax vs tax agent office
“What’s the best way to do my tax return?” Let’s compare myGov, Etax and other tax return options: What’s the best one for you? The ATO advertises a tax “product” called myTax, which is inside the myGov website – and it’s a way to self-prepare your tax return. As a taxpayer it is hard to […]
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 […]
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 […]
Tax loopholes: Corporations pay less tax than Aussie workers
Should businesses shoulder a fair share of taxes compared with hard-working Australian people? We might see this question discussed more in coming years. Using an international shell-game to move earnings away from the tax man, corporations legally avoid taxes in countries like Australia, even though they earn billions here. Similar tax breaks are simply not […]
Private Health Rebate: How does it impact my Private Health Insurance?
The private health rebate is a percentage of the total premium amount which can be applied as a reduction to your health insurance premiums or it can be applied as a refundable tax offset come tax time. What impacts my private health rebate? Your rebate is calculated based on your living status, age and income […]
ATO tax payer investigation:10 million taxpayer records under scrutiny
The latest ATO investigation will see the financial records of over 10 million Australian taxpayers go under the microscope. What is the latest ATO Taxpayer investigation looking for? Here are a few highlights in the latest ATO Investigation: How do I avoid an investigation? If you’ve correctly declared all of your income and expenses then you […]
Bankers Call for Tax Cuts for Parents
With the government’s October tax forum fast approaching, industry body, the Australian Bankers Association (ABA) has called for increased tax cuts for parents and the simplification of complex taxes at both a State and Federal level. Help and Tax Cuts for Parents In the ABA’s eyes, the biggest concerns everyday Australians are currently faced with is […]
