“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 system called myTax, which is inside the myGov website – and it’s one way to lodge your tax return. As a taxpayer, it is hard for […]
How to Claim Personal Super Contributions Tax
Invest in your future by adding money to your superannuation AND score some savings at tax time. Sounds great, right? Let’s cover how to claim your personal super contribution tax on your next return. Most Australians know that super is money for retirement. What’s less well known is: What is Super Contributions Tax? A personal […]
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” […]
New carbon tax had no effect on inflation
Private analysts TD Securities-Melbourne Institute’s inflation gauge rose 0.6 per cent during August. But, according to their head of Asia Pacific business, Annette Beacher, this was not due to the introduction of the Carbon Tax. A few goods and services increased in price during August which contributed to the 0.6% increase, however there were also […]
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 […]
Tax Bracket Creep in Australia: What Is Bracket Creep, And How Does It Affect You?
Bracket creep is a situation in Australia where inflation and wage increases push more and more people into higher tax brackets. The result is that income tax takes more and more of people’s earnings, even though the Government did not formally raise tax rates. Let’s dig into the concept of bracket creep, its impact on […]
PAYG Payment Summary: “I Didn’t Get a PAYG This Year”
A lot of people are saying they didn’t get a PAYG summary/group certificate and are wondering what to do about it. Let’s clear this up… Do I need a PAYG to do my tax return? No, you don’t need a PAYG summary/group certificate if, like most Australians, you do your tax return with a tax agent […]
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 […]
Work at home parent – the ultimate balancing act
How do you build your business when you’re a work at home parent and your adorable darlings are doing their utmost to distract you with death defying leaps, or throwing tantrums that could literally wake the dead? The ultimate guide to finding a work/life balance for work at home parents OK, so you were never […]
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 […]
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 […]
How to survive the lock-down. Your guide to turning it into a positive
With all the social distancing and lock-down measures in place, how do you keep your mind occupied and engaged? For some people, being at home is bliss. For others, it’s hard to stay focused on anything. But time at home can be a valuable chance to reflect, connect and plan for the future. There are […]
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 […]
Government Tax Cuts Extended
The 2022 Budget threw in a few perks for businesses but the one that around 10 million taxpayers will appreciate, is the decision to increase the tax offset for low and middle income earners. The Low and Middle Income Tax Offset, often referred to as the LMITO, has been increased for the 2021-2022 income year […]
HELP Repayment Scheme to Stay… For Now
Please Note: This Content is Archived The Federal Government has legislated this change and ended the HELP repayment scheme. For a full overview on all things HELP related, we’d suggest viewing our article on how to repay your help debt. Back in August 2013 the Federal Government announced they would end the discount for early […]
