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 […]
Being made redundant could re-ignite your career: Redundancy tips from a careers expert
Being made redundant is often a tough thing to overcome. Yet, an amazing two per cent of Australian workers experience it every year! We spoke to Australian career advice expert Russell Johnson, a career planning veteran with CEO-level experience in Australia and the US, to get a fresh perspective on being made redundant. Russell also […]
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 crackdown on ride sharing drivers
Concerned that too many drivers are avoiding tax, the ATO is cracking down on ride sharing drivers contracted to companies such as Uber, Gocatch and Lyft Last year the ATO warned Uber drivers that avoiding tax wasn’t an option, this year it’s getting evening tougher. Banks will now be required to provide details of ALL customer […]
Overseas HELP Debt – What is it?
The ATO implemented formal changes to how they recover “overseas HELP debt”. So, if you have lived overseas for more than 6 months and have a HELP debt, you may need to make HELP repayments How does the ATO recover HELP debts? Prior to 2017, Australians with a HELP or TSL debt did not have […]
Employment Termination Payment and your taxes
What is an Employment Termination Payment? An Employment Termination Payment (ETP), sometimes known as a redundancy payment is a lump sum amount paid to an employee, after redundancy. There are a few different types of redundancy payments and each one can have a different effect on your tax return at tax time. For tax purposes […]
HECS-HELP Benefit
The HECS-Help benefit was created to provide an incentive for graduates in particular fields to pursue industry relevant roles and/or work in specified locations. Taxpayers who meet the relevant eligibility criteria can apply to the Australian Tax Office for the HECS-HELP benefit and if approved, the ATO will pay a “benefit amount” up to approximately […]
Tax Tips and Tax Deductions for Freelancers
Are you giving freelance work a go? Your freelancer tax deductions and tax tips are right here! Whether your video skills are in high demand, your Airtasker gigs have amped up or you are totally nailing it in the cupcake game, this tax deductions for freelancers blog will be a massive help to you at […]
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 […]
An Uber Driver’s Tax Case Study: 8 steps to do Uber the right way
When you drive for Uber, it’s important to know what your Uber driver tax obligations are. This driver got it right from the start. Here’s how: Judah is a professional person working a professional job. He’s university-educated with a full time job in his chosen career. Judah is also an Uber driver, and he’s doing […]
Gender Pay Gap: Why do women still earn less than men in Australia?
It may be a surprise to some that the gender pay gap still exists. Many of us assume that gender inequality has been overcome in Australia. That might be true in some respects, but unfortunately not where income is concerned. The fact is, on average, women still earn 15.3% less than men – a gap […]
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 […]
