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. […]
The Etax Blog: Tax Tips
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 […]
Unpaid Super Might Be Secretly Costing You Money – Here’s What You Can Do About It
Unpaid super is costing Australian workers, and costing them big. 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 […]
Part 1 – 10 Easy Ways to Pay Less Tax in 2018
We asked our top tax accountants for the easiest ways to pay less tax to the ATO and keep more money in your wallet. They had a LOT of answers. So we narrowed it down to their top 10. Here’s part one of ‘How to Pay Less tax’. It could help you save big $$$ in 2018. […]
Part 2 – Easy Ways To Reduce Tax: More Tax Deduction Tips
Here’s part two on the best ways to reduce your taxes! If you’d like to see the first half of the list, click here for part 1. Let’s look at more ideas about how to increase your tax refund this year. 6. Manage the timing of your tax deductible expenses If you know in advance that you’ll […]
The key to a better tax refund: Easy record keeping
These simple record keeping tricks can put extra money into your tax refund The ATO’s 2018 crackdown on tax deductions means that good record keeping is more important than ever. The ATO has thousands of staff and their job is to collect taxes and catch people who can’t prove their deduction claims. They are getting […]
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 […]
Deliveroo tax help: A tax guide for Deliveroo rider-partners
Here’s everything you need to know about the tax implications of being a Deliveroo rider-partner. Deliveroo is a food delivery service where you can choose high-quality takeaway options from Australian restaurants. Your food is then delivered by ‘Deliveroo rider-partners’ straight to your home or office. If you’re currently a Deliveroo rider-partner, read our handy Deliveroo […]
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. improve your children’s financial future Money and happiness are not the same thing, but it […]
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 […]
HELP Repayment Rates: How To Repay HELP Debt Quickly
Need help with HELP debts? Here are some tips on repaying your HELP debt… If you are one of many people who graduated university with a HELP (Higher Education Loan Program) debt, you might not be sure exactly what the steps are to repay help debt. It’s important that you know how to repay HELP debt […]
Bank Interest: What you need to know at tax time
It’s important to declare bank interest on your 2018 tax return to avoid ATO tax “surprises”. On your tax return, Gross Interest (bank interest) is income paid to you from a financial institution (like a bank or building society). If you have a savings account, you probably earned some bank interest. Your bank reports the interest you received […]
Ironing Out Laundry Expenses:
How To Claim Work Uniform Laundry Costs
Do you wear a uniform to work? If it falls into any of the categories we discussed in our uniform expenses post, you can also make a claim on your tax return for the cost of laundering those uniforms. The way you calculate your laundry expenses will depend on your means of cleaning. We’ve created […]
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 […]
Reporting Your Foreign Employment Income
If you’ve earned foreign employment income this year, find out how to report it correctly on your 2018 tax return. Are you an Australian resident for tax purposes and work overseas? If yes, you must report all your foreign income in your Australian tax return. This includes both your assessable and exempt income – even if […]
